Foreigners Flocking to Australia’s Property Market
- Visual Render News
- February 15, 2023
New report shows surge in foreign activity in Australia
The Foreign Property Activity in Australia is booming with the influx of foreign buyers and renters, as migration surges post-Covid. According to the latest PropTrack Overseas Search Report, there has been a significant increase in real estate activity from buyers and renters based abroad. Rent searches from foreigners rose by an astonishing 65% in 2022 compared to a year earlier and were 20% higher than pre-pandemic levels. Buy searches also saw an increase of 10% compared to 2021 and 11% higher than 2019 levels.
The sharp rise in foreign property seekers can be attributed to the resumption of migration from both workers and students when borders reopened after two years of closure. The report shows that total visas issued for entry into Australia were 10 times higher in 2022 than in the preceding 12 months, with specific work and student visas eight times higher.
New Zealanders accounted for the most searches for homes to buy and rent, making up 30% of all overseas-originating searches. The UK, US, and India were also popular destinations for foreign property seekers. When it came to rental properties, all of the leading countries saw big increases in activity, with New Zealand leading the pack with a 76% increase in searches.
Melbourne proved to be the most popular city for both buy and rent searches, followed closely by the Gold Coast for buy searches and Sydney for rentals. The popularity of Melbourne was especially high among searchers from India, the UK, China, Hong Kong, and Singapore. Sydney, on the other hand, was more popular with those looking from the US.
Despite the increased demand for rental properties, the proportion of foreign property seekers remains low compared to those already living in Australia, so the additional burden is likely to be small. However, immigration numbers are expected to continue to rise in 2023, attracting more migrants from overseas, especially from China and India, due to Australia’s low unemployment rate and skilled labor shortages.
In conclusion, the Australian real estate market is experiencing a boom, with a significant increase in Foreign Property Activity in Australia. The country’s low unemployment rate, skilled labor shortages, and the resumption of migration are some of the factors contributing to this trend. If you’re a foreign property seeker, now is the time to make your move!
Looking for a new home in Australia? Let Visual Render bring your dream property to life! With our cutting-edge 3D rendering technology, you can tour properties from the comfort of your own home, anywhere in the world. Say goodbye to long flights and expensive property viewings. Say hello to a hassle-free home-buying experience with Visual Render!
Contact us for your project.
Fill out the details below and one of our team will be in
contact to provide you with some more information.
Or visit our website;