Key takeaways
Property searches from overseas have increased compared to last year, despite fluctuations influenced by global events, economic conditions, and migration trends.
Searches from Indian buyers and renters rose by 23% year-on-year in October. Popular suburbs include Tarneit and Point Cook in Melbourne, offering affordable housing and new developments ideal for families and first-home buyers.
International buyers range from those seeking affordable family homes to luxury apartment seekers, reflecting Australia's diverse real estate offerings.
The allure of Australian real estate continues to captivate international buyers, with property searches from overseas increasing slightly compared to the same time last year.
While the overall numbers have grown, interest from individual countries has shown some fluctuation, reflecting global economic conditions, political developments, and seasonal trends.
Let's take a closer look at the trends and insights shaping the current surge in overseas interest.
India: a rising star in Australian property searches
PropTrack data shows that Indian property seekers have emerged as key players in Australia’s real estate market, with a notable 23% year-on-year increase in searches for both buying and renting during October.
Much of this interest is concentrated in Melbourne suburbs like Tarneit and Point Cook, which offer affordable housing options and new developments.
These areas are particularly appealing to families and first-home buyers looking for quality homes at reasonable prices.
Karen Dellow, Senior Audience Analyst at PropTrack highlights this trend, saying:
“India’s growing interest reflects Australia’s appeal as a stable and diverse property market.
Affordable housing options in new developments are key drivers for this demographic.”
Other global trends in PropTrack's data include:
- United Kingdom: Searches for both buying and renting saw an uptick, underpinned by continued migration trends and Australia's appeal as a lifestyle destination.
- Hong Kong: Rental property searches increased by 4%, reflecting demand from individuals seeking temporary accommodation or long-term relocation options.
- United States: Interest from the U.S. surged earlier in the year, coinciding with political uncertainty around the presidential election. However, searches dropped 25% between September and October after political clarity emerged, with Donald Trump becoming the Republican frontrunner and Kamala Harris stepping in for Joe Biden.
- New Zealand: Searches declined in October, which is typical for this time of year, but they are expected to rebound in December, aligning with seasonal migration trends and summer relocations.
Ms Dellow noted:
“Political events often influence overseas property interest.
Uncertainty can drive people to look for safe and stable markets like Australia, and we may see a resurgence in searches from the U.S. as the new presidency takes shape.”
Where are the searches coming from?buying and renting properties in Australia.
Auckland’s performance is particularly impressive.
Despite having a population of just 1.7 million, it outpaces global metropolises like Tokyo (9 million residents) and Hong Kong (7.5 million residents).
This shows a disproportionately high level of interest in Australian real estate among Auckland residents.
Karen Dellow explains:
“Auckland punches above its weight in terms of search activity.
This could be due to the strong cultural and economic ties between New Zealand and Australia, as well as the ease of migration.”
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Overseas buyers have bigger budgets
One of the standout findings from PropTrack is that overseas searchers tend to have larger budgets than Australian buyers:
- For Australian buyers, $600,000 is the most common maximum price range.
- In contrast, overseas searchers frequently set their upper limit at $1 million, reflecting interest in higher-end properties.
This trend aligns with the suburbs overseas buyers are most drawn to, such as South Yarra, Brighton, and Camberwell in Melbourne, and Bondi and Manly in Sydney.
These suburbs, known for their premium homes, cater to the luxury market.
Ms Dellow attributes this difference to several factors:
“Overseas buyers often benefit from favorable exchange rates and come from cities like Hong Kong and Singapore, where property prices are extremely high.
They have more equity to invest, and many are attracted to Australia’s luxury apartment developments.”
Luxury developments top the list
Luxury apartments in iconic developments remain popular among overseas buyers.
Some of the most searched projects include:
- West Side Place (Melbourne): A frontrunner in attracting international attention.
- Australia 108 (Melbourne): The tallest building in Australia continues to captivate buyers looking for world-class amenities.
- 111 Castlereagh and Harbourside Residences (Sydney): Both developments cater to high-net-worth individuals seeking prime locations and opulent living.
Meanwhile, Indian property seekers generally focus on homes priced below $600,000.
This aligns with their preference for suburbs like Tarneit and Point Cook, which offer affordable, family-friendly housing options in Melbourne.
Ms Dellow explains:
“The variety in price points that overseas buyers search for reflects the diversity of motivations driving interest.
From luxury apartments to affordable suburban homes, Australia offers something for everyone.”
What lies ahead?
The fluctuations in overseas property interest are likely to continue, influenced by global events, economic conditions, and local policy changes.
For instance, rental searches may spike in the coming months as students and professionals prepare for new academic and work terms.
However, proposed legislation to cap overseas student numbers could dampen this demand in the long term.
Ms Dellow says:
“Australia’s property market remains highly attractive to overseas buyers, but we expect trends to ebb and flow depending on political developments, exchange rates, and migration policies."
With overseas interest shaping the dynamics of Australia’s real estate market, the future looks both dynamic and promising.
Whether for investment or relocation, Australia continues to be a destination of choice for international property seekers.
