Unable to afford a home in Australia, this couple bought in Italy instead

Priced out of homeownership in Sydney, Jaclyn Lofts and Joshua Beagley looked abroad to fulfil their property dream.

The pair bought a two-bedroom apartment in Italy’s Umbria region, just over an hour’s drive north of Rome, for €32,000, or $51,000. It’s nestled in the medieval village of Amelia, with a population of around 12,000. The building was erected around the 1400s and was formerly the holiday home of noble families.

“Buying our own home in Sydney just wasn’t on the table, it’s too expensive – we have to be committed renters,” Beagley said.

But they also love their inner-city Sydney lifestyles and don’t want to move permanently, so they settled on a “lock and leave” Italian holiday home. Australians can travel to Europe for 90 days twice a year.

Beagley is a musician with a record label and can manage his studio from abroad. Lofts designs special interest travel itineraries. They rent in Surry Hills and can work remotely for parts of the year.

Foreigners are being drawn to the country with advertisements for €1 homes, but owners must commit to restoring the property in agreement with the local council.

It took Lofts and Beagley about a year of searching through property newsletters geared toward foreigners until they found their apartment, which they bought before seeing it in person.

Most homes are sold “as-is” and contain previous owners’ items. Italy has the oldest population in Europe, with taxes for secondary properties, so many families are keen to offload inherited homes quickly.

Lofts and Beagley had to clear out 26 dining chairs, five mattresses, multiple bottles of holy water, kilos of clothing, blankets and linens.

The house was a treasure trove of trinkets, with a drawer full of handwritten traditional recipes.

They’ve also found plenty of treasures, including a drawer full of handwritten recipes, including one for vitello tonnato – a veal with tuna sauce dish, wooden aeroplane toys and antique cupboards and shelving.

“It’s been a treasure chest of finding things – some good and some not,” Beagley said.

They’ve spent about $8000 renovating the interior so far, and plan to learn Italian.

Atlas Wealth Management managing director James Ridley, who assists expats in purchasing property abroad, said there had been an increase in demand for his services in the past two years.

He said most buyers were on secondment overseas and planned to stay long-term, and holiday homes were uncommon due to the barriers to entry in many countries.

“More and more Australians are heading abroad following COVID-19, with demand in places like the Middle East where there’s been a lot of infrastructure and development,” he said.

Net overseas migration from Australian citizens hit 94,440 in 2022-23, the highest number since 2015-16.

Ridley said the US was another popular location for Australians buying abroad, though the upcoming election had caused some buyers to put their plans on hold.

“People are also staying abroad for longer, sometimes because their role doesn’t exist any more in Australia, or because income abroad is higher, thanks to Australia’s low wage growth,” he said.

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