Home Insights PropTrack Overseas Search Report – November 2022

PropTrack Overseas Search Report – November 2022

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International searches are now at their highest level since the start of the Covid pandemic, according to a new data analysis.

In March 2020, when the pandemic began, searches by international real estate searchers on realestate.com.au dropped by 15% and remained relatively flat until border restrictions were lifted in late 2021.

Students and migrant workers are returning to our shores. Source: Getty Images.

Over the last four months, searches for combined buy and rent hit record highs.

This is consistent with the influx of international students and migrant workers arriving after January 2022.

The number of workers and students arriving in Australia has not yet returned to pre-pandemic levels, but numbers are rising sharply.

Hometown of the searcher

About three-quarters of searches for buying and renting come from the UK, US and New Zealand, but search volumes from India continue to grow.

Given China’s population size, search volume from the country pales in comparison to 5% for purchase searches and 4% for rental searches.

Rental property searches have surged since borders reopened

Searches for rental properties grew the most in India, up 159% year-on-year, but all the top countries saw double-digit growth, with the UK, New Zealand and China all up nearly 100%. increase.

Where international searchers want to live

The capital is a large travel hub, home to major universities and job opportunities, so it’s no surprise that it sees the most international search activity.

The Gold Coast is popular with those looking for overseas properties. Source: Getty Images.

However, the Gold Coast has been the most searched region for many years, indicating that lifestyle is a major factor in international property seekers.

Top 5 popular searches by country

Breaking down the most searched suburbs by country reveals that different countries have different preferences for different locations.

Searchers from New Zealand prefer Queensland, while property seekers from China and Hong Kong gravitate to suburbs with large Chinese populations.

high demand city apartments

It’s interesting to see the type of development they’re seeing, as non-residents can only buy new builds for the most part.

Inner-city apartments are popular, especially those with luxurious amenities and hotel-style services.

looking ahead

Current work and student visa arrivals are 60% lower than their peak in January 2020, so immigration still has a way to go to return to pre-pandemic levels.

However, with the rental market under pressure and vacancy rates at all-time lows, additional demand from overseas will add to the stress potential renters are currently experiencing.

That said, international immigration is essential to the country’s prosperity, providing a highly skilled workforce and increasing cultural diversity. So it’s good news to see an increase in immigration and an increase in demand for real estate.

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