The US is still a great draw for Brits looking to invest in property overseas, according to one overseas property investment specialist.

A 'Top of the Props' monthly poll based on the number of enquiries to the www.themovechannel.com website found that in October 2008 the US held the top spot, ahead of popular destinations including Portugal and Italy, and this for a second successive month.

This was confirmed further still by the release of the National Association of Realtors' (NAR) Profile of International Home Buying Activity 2008 that showed buyers from the UK accounted for 12.5 percent of foreign buyers in the country.

The run-up to the new presidency and the optimism generated in response to Obama's election campaign could have been one reason for this popularity but the high rental potential of certain areas of the US is also a great appeal to those looking to buy overseas, especially for investment.

According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), the US' popularity with foreign buyers is set to continue for the foreseeable future.

He estimates that within the next 10 years the number of foreign purchasers buying on American shores may well double to make up 6 percent of all US property purchases.

Danny Silver, Principal of Property Direct America, said: “This is an excellent time to invest in property in the US. With increasing numbers of people looking Stateside for their real estate purchase, this is the time to snap up the bargains that exist in a deflated market.”

• Fly to Let investors in Australia will be keeping a wary eye on the property market after news that the credit crunch has caused Sydney based developers to abandon half built projects, leaving them in danger of collapse.

Developer Citadel Property Group has been forced to halt work on several properties in Australia due to lack of funding, leaving them in a precarious state.
A development of a shopping centre and 161 apartments at Berala, a commercial retail unit with 100 apartments at Liverpool and 54 apartments at Rockdale are now in doubt.

The Berala site is said to be especially vulnerable to collapse as the anchors supporting the partly built properties are unsteady. The number of postponed projects in Sydney has grown fivefold since this time last year.

In 2008 so far, 5,048 projects have stalled, compared with 1,052 projects in the first 10 months of 2007. More than half of these projects are in north-west Sydney.
Sydney's north-west rail plan has been axed by the NSW Government, stunting plans to house another 322,000 people in the booming area by 2031 and forcing thousands of cars onto congested roads.

Transport Minister David Campbell said that the North-West Metro is to be ‘deferred indefinitely.’

In Southwest Sydney plans for a £500 million southwest rail link have also been shelved.

The economic downturn is also having a big impact across the country in Queensland, with news that the crunch has left a £400 million hole in the budget.
Yet more public transport plans are being affected, with Brisbane’s ambitious £7 billion underground rail plan likely to be shelved.

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