RESIDENTIAL PROPERTY
OVERSEAS interest in Australian property is soaring, with both buyers and renters looking to enter the market as migration recovers to pre-pandemic levels.
According PropTrack’s Overseas Search Report, searches from overseas have grown over the last three months with buy searches up 11.5% and rent searches up 7.8%...
New Zealand accounts for a quarter of all overseas buy and rent searches and has been increasing month, with rent searches up 38% since last year and buy searches up 7%...
After falling significantly in 2020, interest from China has returned to pre-pandemic levels, with rent searches up 25.21% and buy searches up 36.9%...
Searches from the UK and the US were also up, though to a lesser extent, with UK buy searches up 1.87% and rent up 15.5% and US buy searches up...
With Australia’s population up by 1.9% in 2022, the biggest increase in 15 years, 78% was from overseas migration and largely from overseas students...
“With migration returning to pre-pandemic levels, we are seeing increased interest from overseas property seekers looking to settle on our shores...
“Data from the ABS shows that 62% of permanent migrants end up buying their own homes in Australia. Therefore the top locations searched for by...
Melbourne was the most searched Australian location by those abroad in the last six months, for both buyers and renters...
For buy searches, Gold Coast followed in the number two spot, Brisbane came in third, the Sydney CBD in fourth and the Perth CBD and inner suburbs rounding out the top five...
For rent searches, Sydney took second place after Melbourne, followed by the Gold Coast, Brisbane City and Perth...
As for suburbs, Brunswick East in Melbourne’s inner north saw the greatest increase in searches for buyers...
Followed by Melbourne’s Carlton North, Brighton East, Ashgrove in Queensland and Essendon rounding out the top five back in Melbourne...
For renters, South Western Sydney saw the greatest increase, followed by Torquay in Victoria, Mulgrave, Vic, Secret Harbour, WA and Gosford, NSW...