Melbourne has slipped down overseas buyers’ wish lists after claiming the title as the world’s most closed city. Here is where internationals look forward to the reopening of borders.
Melbourne has slipped down overseas buyers’ wish lists, with more people looking for homes in sunny Queensland instead of the country’s borders reopening.
New Zealanders were the most eager to call Australia home, followed by house hunters based in the United States, China, Hong Kong, Singapore and the United Kingdom.
PropTracks Overseas Search Data Report author Karen Dellow said that although Melbourne spent more time in lockdown than anywhere else in the world, the city was only trumped by Queensland for still being among the top five Australian markets that international buyers demand.
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“Overseas property seekers are looking longer term; looking to the future. So when Melbourne reopens, it’s ready to return,” Mrs Dellow said.
Melbourne’s infrastructure, good universities and better job opportunities were among the highlights that made the city an attractive place to live.
Glen Waverley, Toorak and Doncaster East were among the most popularly searched suburbs according to realestate.com.au search data for the three months to September.
Chinese buyers visited Glen Waverley, Melbourne’s CBD and Toorak in their Victorian searches. Glen Waverley and Doncaster East were popular with Hong Kong-based buyers.
New Zealanders dreamed most of moving to the Gold Coast, Brisbane, Sunshine Coast, Melbourne and Cairns.
And Greater Melbourne was among the top search results for people from the UK, Singapore and the US.
Mrs Dellow said the popularity of postcodes like Toorak was probably due in part to its prestige. In Glen Waverley, the area’s local elite schools made it appealing.
But the primary driving force for the search results was the large existing expat communities in these zip codes.
She said many of the suburbs on the top Victorian rankings were consistently popular with foreign buyers before the pandemic.
“Overseas property seekers are very attracted to where people from their country and where their friends and family have already moved to,” she said.
“They’ve always been in the best suburbs from overseas searches from China and Hong Kong. In fact, it’s more recently that we’re just starting to see Brisbane and the Gold Coast move up those lists.”
The five most sought after regions of all foreign buyers were Gold Coast, Brisbane, Melbourne CBD, Sydney and Sunshine Coast.
Ms Dellow said she did not expect a major increase in buyer competition or prices once borders reopened and foreign buyers re-entered the market.
This was due to the fact that Australian buyers accounted for the majority of local residential property purchases.
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TOP 5 SEARCHES FOR FOREIGN BUYERS
(Three months to September)
WHERE DO THE SEARCHES COME FROM?
The United Kingdom
Source: PropTrack Overseas Search Report
Originally published as Melbourne overtaken in foreign buyers’ sights as international browsers look to Queensland