It has been revealed that the top seven countries vying for Australia’s affluent property market, and has shown that international homeowners from the UK have unexpectedly taken out this top spot.
This data has been collated by the global property insight platform Knight Frank, who has also discovered that whilst Chinese and Singaporean investors form part of the Australian property market, the UK is the main overseas contributor to the amount of multimillion dollar properties purchased in Australia.
This is believed to have been partly due to the ongoing pandemic causing citizens from Europe to consider relocating abroad. According to PropTrack, Melbourne is the most sought after spot for UK buyers, with Sydney in second place.
For buyers from the US, Sydney is top followed by Melbourne, the Gold Coast, more of Brisbane and Perth. Searches for rental properties have also increased in recent times. Additionally, buyers from Spain, Canada and Hong Kong also form part of the foreign buyer market.
Overall, it appears that the UK has become Australia’s major overseas contributor for property investments, which may be partly due to the pandemic shifting people’s perspectives to move abroad.
Whilst Asian buyers are still present in the Australian market, the UK now leads the way in terms of investment levels purchased in Australia.
This data reinforces the current uncertain times that many countries are facing, and demonstrates the growing trend of migration from foreign nations into Oz.
It is likely that this trend will continue in the near future, and may cause shifts in the dynamics of the Australian property market as a result.
