Home Insights PropTrack Overseas Search Report – April 2023

PropTrack Overseas Search Report – April 2023

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Foreign interest in Australian property has surged to record levels as immigration hit a three-year high.

Search for properties to buy or rent from overseas realestate.com.au The last quarter reached its highest level since PropTrack began recording in 2019.

Over the last three months, searches for rental properties are up 34% compared to the same period in 2019, while searches to buy are up 29%.

where the demand is coming from

The countries with the most searches for Australian properties are New Zealand, USA, UK, China, Singapore, Hong Kong and India.

New Zealand has held the top spot for Australian property searches for the past two years, with rental searches up 37.5% and buying searches up 8.8% since this time last year.

Demand from India has increased significantly over the last 12 months, growing faster than other countries in both buying and rental searches.

After the Chinese government asked all international students to return to campuses at the end of January, rental searches from China surged, reaching their highest level in more than three years in February.

Arrivals from overseas accompanying search operations

The increase in offshore searches for rental properties in Australia coincides with a sharp increase in student arrivals. He reached 142,000 students arriving in February, a 190% increase from February 2022, according to Australian Bureau of Statistics data. Preliminary figures for March were one-third what he was for February, but still more than 90% higher than March 2020.

However, Hong Kong appears to buck the trend, with searches to rent Australian property down 27.8% from last year and searches to buy down 15.4%.

Most searched suburbs

Overall, international searchers, whether looking to rent or buy, prefer major capital cities, with Melbourne and Sydney topping the list.

However, the Gold Coast is also popular with international buyers and renters.

Breaking down search data by country, the Gold Coast is the most preferred by searchers in New Zealand, the US and the UK. However, searchers in China, Hong Kong and India are most interested in Box Hill and Chatswood.

Most Viewed New Developments

Overseas property seekers have historically favored new apartment developments in Melbourne and Sydney, followed by the Gold Coast.

However, new developments in Perth Dianella Apartments It is of interest to searchers in New Zealand, the UK and India. Over the past three months, this listing had seven times as many international views as his second most viewed listing. 111 Castlereagh in sydney.

looking ahead

Since PropTrack began recording, searches from overseas property seekers have hit a record high, a positive sign for the future transition.

The number of people entering the country on student or work visas has not yet reached pre-pandemic highs, but may eventually return to normal levels.

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