Overseas Interest in Aussie Property Spikes

Overseas interest in Australian property has stayed high with searches to buy well above the five-year average.

According to new data from PropTrack, in April overseas search volumes to rent were up 32 per cent compared to five years ago and up 20 per cent for searches to buy.

While overseas searches on realestate.com.au year-on-year for properties to buy remained strong, up 0.8 per cent, rental interest has pulled back slightly at 2.3 per cent year-on-year.

However, rental search volumes were much higher, up 32 per cent, compared to the preceding four-year period, from 2019 to 2022.

All major overseas countries recorded a slowdown in searches for properties to purchase except the United Kingdom, where searches to buy grew by 6.9 per cent over the year.

The UK (8.1 per cent), New Zealand (2 per cent) and China (0.5 per cent) were the only countries to experience yearly growth in rental property searches of the seven major countries, according to PropTrack.

“A decline in visas granted to international students has curtailed the influx of new arrivals to Australia, which has likely impacted the decline in overseas rental searches and is anticipated to continue,” the PropTrack report said.

“Prospective renters concentrated their searches in NSW and Victoria, with Sydney and Melbourne CBD ranking as the most searched locations in the country. 

“These areas serve as primary international arrival points and are recognised as major centres of commerce and study.

“The Gold Coast continues to captivate overseas property seekers, with its sunny climate and beachfront location making it the most searched-for location for buyers and the third for renters.”