Where Overseas Buyers Favour
Changes to migration and international student numbers is likely to result in a reduction of the number of overseas-based buyers and renters searching online for Australian property.
Analysis by PropTrack of online property searches shows that in April, searches from overseas for properties to buy on realestate.com.au were up by just 0.8% compared to the same time last year.
Searches for rental properties were down by 2.3% during the same period.
The report shows there has been an increase in interested buyers (6.9%) and renters (8.1%) based in the UK and a drop in potential buyers from China, the United States, New Zealand, Hong Kong, Singapore and India.
PropTrack senior data analyst Karen Dellow says recent government mandates concerning students and educational institutions have led to a decline in visas granted to overseas students intending to study in Australia.
“Given the correlation between issued student and work visas and the volume of rental searches on realestate.com.au, both are anticipated to decline proportionally due to these policy changes,” she says.
The report shows Queensland is the top state overseas property seekers are searching to buy in followed by Victora, New South Wales and West Australia.
Overseas renters are more likely to search in NSW, followed by Victoria, Queensland and Western Australia.
