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Real Estate around the world: Countries with the most interest in Australian property
Update: 12/18/2024
Searches for Australian properties from overseas buyers increased slightly compared to the same time last year, although the number of searches from individual countries has fluctuated.
Indian property seekers were particularly interested in Australian homes in October, with searches for properties to buy and rent both up by 23% compared to last year.
Searches from the UK were also up for buying and renting, and Hong Kong searches for properties to rent increased by 4%.
Which overseas cities are searches mostly coming from?
Most of the searches from the United States came from California, New York, and New Jersey, three of the largest and most populous states, but searches from Texas were also high.
What makes Auckland particularly special is that it is punching well above its weight when compared to other cities with a high number of searches, such as Hong Kong and Tokyo.
Overseas searchers have more money to spend on property
What is particularly surprising about searches from overseas is that they are looking for higher-priced properties than Australians do.
The most common maximum price for Australian searchers when looking to buy online is $600,000.
However, the most searched top price band for overseas searchers is $1 million, which is reflective of the suburbs that get the most search activity from overseas.
Of the countries with the largest search numbers, searchers from India have a smaller budget, mostly searching for properties below $600,000.
There are a couple of reasons why overseas searchers have a bigger budget than Australians. The first is a favourable currency exchange rate.
Another factor is that many searches are coming from cities such as Hong Kong and Singapore where property prices are extremely high; therefore, people migrating from these countries may have more equity from their previous homes.
Lastly, many overseas property seekers are investors with a lot of money to spend on property in Australia and particularly favour the luxury apartments being built in the capital cities.
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