SEARCHES for properties in Australia from overseas are now at their highest levels since the start of the Covid pandemic, new data analysis shows.
In March 2020, as the pandemic began, searches from overseas property seekers on realestate.com.au dropped by 15% and then remained relatively static until border restrictions were lifted in late
2021.
In the past four months, combined buy and rent searches have hit the highest levels on record.
This coincides with an influx of international students and migrant workers who have arrived since January 2022.
Although the volume of workers and students arriving in Australia has not yet returned to pre-pandemic levels, numbers are ticking upwards sharply.
Approximately three-quarters of buy and rent searches come from the United Kingdom, United States, and New Zealand, although the volume of searches from India continues to increase.
Considering the size of China’s population, the volume of searches from this country pales in comparison at 5 per cent for buy searches and 4 per cent for rent.
The largest increase in rental searches comes from India, increasing by 159 per cent year-on-year, although all the top countries have seen double-digit growth, with the UK, New Zealand, and China experiencing close to 100 per cent increases.
It is not surprising that capital cities attract the most search activity from overseas, as they are big travel hubs and contain major universities and job opportunities.
However, the Gold Coast has been top of the most-searched regions for many years, and it shows that lifestyle is a major factor for property seekers from overseas.
When breaking down the most searched suburbs by country, we see where some nations have different preferences. Searchers from New Zealand have a preference for Queensland, whereas property seekers from China and Hong Kong gravitate toward suburbs with high Chinese populations.
As non-residents can mostly only purchase new builds, it is interesting to look at the type of developments they are looking at.
Inner city apartments are popular, especially those with luxury amenities.
With current work and student visa entries still 60 per cent lower than at their peak, there is a way to go until migration returns to pre-pandemic levels.
However, with rental market pressures increasing and vacancy rates at an all-time low, any additional demand from overseas will add to the stress currently being experienced by potential renters.
Overseas migrants are essential to the prosperity of the country, providing a highly skilled workforce and increased cultural diversity, so it is good news that we are seeing an increase in migration and higher demand for properties.
