Surge in the number of foreigners searching for properties in Australia
A new report shows a sharp uptick in search activity on Australia’s number one property website from those who are currently based internationally.
The latest PropTrack Overseas Search Report hints at a looming influx of arrivals now that borders have reopened and Covid restrictions have eased.
Total searches on realestate.com.au from overseas users jumped sharply in June compared to May, with much of that being for rental properties.“Searches for rental properties increased by an astounding 71% month-on-month, compared to only 7% on the buy section of the site,” said report author Karen Dellow, a senior audience analyst with REA Group.“This indicates that longer-term visitors are eyeing a move to our shores, most likely migrant workers and students.”
The latest overseas arrivals and departures data released by the Australian Bureau of Statistics shows 650,520 people crossed the international border into the country in May. That represented a monthly increase of 76,590 trips.
A major rebound in the number of international students heading Down Under is evident, with 24,750 people arriving in the country for education purposes in May. That’s up from just several hundred in the same month last year due to the significant impacts of Covid and border closures. Although, the ABS pointed out that the number of student arrivals in May was 27.8% lower than pre-Covid levels in May 2019.
Ms Dellow said the report showed rental searches in all countries have increased, except for the United States. There was a staggering 431% increase in China-based searchers looking for a rental property, and a 196% increase in India-based searchers. When it comes to buyers, those from China, India, and Hong Kong are showing the most interest, she said.
The sunny Gold Coast is proving appealing for property seekers looking for a home to buy, while suburbs in Brisbane, Melbourne, Sydney, and Perth are also popular.
Balwyn in Victoria was the most popular suburb for property seekers for China, while it was Melbourne’s CBD for those from India. New Zealanders and Brits looking for a home were most interest in the Gold Coast, followed by Greater Brisbane. And high-end luxury apartment complexes tend to be most favored, with Queen’s Place in Melbourne taking the top spot with the most property views among foreign searchers.
The first lot of data from the 2021 Census was released recently, showing migrants from India and China make up the highest proportion of the overseas-born population, after those from England.
“The total number of people born overseas has increased by 25% in the past decade, whereas those born in Australia have only increased by half that, or 12%,” Ms Dellow said. “And although the Australian-born population is much higher, it does show that our country continues to attract people from overseas, despite the COVID-19 pandemic slowing down migration over the past few years.”
By Shannon Molloy updated 22nd July 2022
