China a key driver in surge
Australia has witnessed a surge in interest from overseas property seekers, reaching unprecedented levels in 2023, according to a report by PropTrack.
Searches for properties to buy spiked by 23% year-on-year, with a 30% increase over the past five years. Similarly, rental property searches saw a notable uptick of 14% compared to the previous year and a significant 46% rise since December 2022.
China emerged as a key driver of this surge, with searches for properties to buy skyrocketing by 67.7% and rental searches jumping by 70.4% compared to December 2022.
“Searches from China dropped significantly at the start of the pandemic as students were sent home and borders were closed,” PropTrack senior data analyst Karen Dellow (pictured above) said in a news release. “However, now that the borders are open again and students and workers can come and go freely, interest from China in Australian properties has sky-rocketed.”
Searches from the United Kingdom, United States, and New Zealand also witnessed substantial increases in 2023. New Zealand, in particular, saw a surprising surge, becoming the leading country for overseas property searches.
“The ease with which New Zealanders can come to Australia and work makes Australia a prime destination for the Kiwis,” Dellow said.
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Among Australian states, New South Wales accounted for a third of all overseas property searches, followed by Queensland and Victoria, PropTrack reported. Western Australia experienced a notable 23% increase in overseas searches, outpacing other states. Similarly, searches for Queensland locations saw a 16% uptick.
In terms of specific locations, Melbourne emerged as the top searched-for city, followed closely by the Gold Coast, which surpassed Sydney in popularity among overseas property seekers. Suburbs like Zetland and Surry Hills in Sydney, and South Yarra and Carlton in Melbourne, were among the most sought-after areas by international searchers.
Meanwhile, the Sun Coast was the most popular destination for domestic movers, according to a recent report from Commonwealth Bank and the Regional Australia Institute.
Looking ahead, experts predict that Australia's robust net migration trend, which exceeded 500,000 in the last financial year, is likely to continue surpassing forecasts. Overseas search trends on platforms like realestate.com.au align with the arrival of students and migrant workers, indicating sustained migration levels in the foreseeable future.
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