Overseas demand for Australian properties has surpassed pre-pandemic levels with new figures revealing searches have doubled since 2019.
PropTrack’s overseas search report shows there has been a big increase in potential buyers searching from New Zealand and China, including those wanting to rent.
A large proportion of China-based searchers are believed to be students looking to study in Australia.
Searching from potential overseas buyers increased by 11.5% in the past three months and rental searches increased by 7.8%.
The largest annual increase in rental searches was from New Zealand, which is up 38%, followed by the UK, which is up 15%.
Melbourne was the top destination for overseas property searchers, followed by Sydney and the Gold Coast.
PropTrack economist, Paul Ryan says the increase in overseas interest started in early 2022 when international borders reopened.
“We’d expect more arrivals early next year as, seasonally, that’s the time of the year when we get a lot more student arrivals,” he says.