Overseas buyers eyeing off an SA bargain
Overseas househunters are targeting SA properties in droves – see which countries are searching, and where in SA they’re hoping to snag a bargain.
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The state’s housing market is “hot property” for potential overseas buyers, with realestate.com.au data showing the origin of searches and the type of homes most viewed.
And, it turns out, they are targeting the suburbs most frequently searched by local “househunters”.
According to the property site’s search data, searches for SA homes from outside the country were up 5 per cent over the past 12 months, with Adelaide’s CBD being the location by potential overseas buyers.
Glenelg was the next most targeted, ahead of North Adelaide, Henley Beach and Norwood.
Brighton, Hallett Cove, Mount Barker, Stirling and Prospect rounded out the top 10.
PropTrack senior analyst Karen Dellow said it’s not surprising that Adelaide’s picturesque lifestyle locations ranked so highly.
“Many of the top Adelaide suburbs searched for by overseas property seekers are beach suburbs such as Glenelg, Hallett Cove, and Brighton,” she said.
“The Adelaide Hills are also popular. It is no surprise that overseas searchers are looking in these areas as they are some of Adelaide’s most popular suburbs.”
“Adelaide is the fifth largest city in Australia, and it is unsurprising that it is popular with overseas searchers. It has beautiful beaches, is surrounded by world-renowned wine regions, and has many universities that attract overseas students.
“Adelaide was voted the third most liveable city in 2021, so property seekers from overseas who didn’t have Adelaide on their list of relocation destinations before may now have it on their radar,” said Ms Dellow.
The highest proportion of searches originated from Britain, ahead of the US, New Zealand, Hong Kong and India. Singapore, Canada, Vietnam, Germany and China rounded out the top 10.
According to the data, overseas searches for homes in Gilberton, on Adelaide’s northeastern fringe, are up 89 per cent.
This is only very slightly ahead of Kilkenny, in Adelaide’s inner northwest, where searches were up 88 per cent and Kapunda in the Barossa Valley, which recorded an overseas search increase of 84 per cent.
West Croydon, Munno Para, Plympton Park, Alberton and Modbury all experienced search increases of 60 per cent or more.
Of Australia’s major capital cities Adelaide trailed Sydney and Melbourne in terms of search priority.
International property search platform Juwai IQI co-founder and group managing director Daniel Ho said Chinese buyers had clear priorities while searching.
“Two drivers of Chinese buyers’ decisions on where to live are where their children are studying and where family and friends already live,” he said.
But Ms Dellow said supply was the key to alleviating current housing pressures, and a foreign buyer ban would be “unlikely to have a significant impact” here as “foreign investment makes up only a small portion of the housing market”.
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