Revealed: Where interstate and overseas property buyers are looking in QLD

The Queensland suburbs where interstate property seekers are looking to buy have been revealed. READ THE LIST

REAL ESTATE: Overseas buyers are gravitating to all Brisbane has to offer while interstate buyers have all eyes set on the Gold Coast.

The number of interstate buyers searching for a home in Queensland has jumped by up to 35 per cent in some suburbs in just a year, led by a surge in Sydney and Melbourne homehunters looking to relocate to the Sunshine State.

New data from PropTrack reveals the Gold Coast is the most searched location for property among interstate buyers over the past 12 months, while Brisbane’s appeal as an Olympic city is attracting more interest from international investors.

Surfers Paradise, Broadbeach, and Burleigh Heads were crowned the most in-demand suburbs among interstate investors and those looking to relocate.

Palm Beach recorded a jump of 35 per cent in searches over the past year followed by Coolangatta with 28 per cent and Mooloolaba with 25 per cent.

For overseas buyers and expats, Brisbane City is the place to be, followed by the inner western suburbs of Toowong and St Lucia.

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The high number of apartments in West End attracted strong overseas interest, with a 31 per cent jump in searches compared to the same time last year, followed by Burleigh Heads with a 27 per cent increase and Mooloolaba with a 25 per cent gain.

The data has also revealed where the top international searches are coming from, with New Zealand in first place and the United Kingdom and the United States second and third.

Karen Dellow, Senior PropTrack analyst

PropTrack senior analyst Karen Dellow said overseas searches for property in Queensland had increased by 13 per cent over the past year, while interstate searches were up 7 per cent overall.

This was despite an 11 per cent drop in interstate searches over the December quarter compared to the previous three months, which was in line with other states.

“Buyers are still gravitating to the Gold Coast because it has the best of both worlds as it offers beautiful beaches, a relaxed lifestyle and affordable houses, but is close enough to a major city to offer well-paid jobs and an international airport,” Ms Dellow said.

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“In the lead-up to the Brisbane Summer Olympic Games in 2032, a significant amount of development will be required in the city, from improvements to infrastructure, upgrades to existing sports stadiums, and the building of new facilities and housing.

“This will make Brisbane a desirable city and make it attractive to property seekers from overseas.”

Ms Dellow said Australia’s appeal to overseas migrants was its relaxed beachside lifestyle, which was partly why it was so popular with overseas property seekers from New Zealand, the United Kingdom and the United States.

“Over 200,000 people living in Queensland were born in New Zealand at the last census. This is higher than any other state. As a result, Queensland continues to be popular with Kiwis as a home away from home,” she said.

“For interstate migrants, Queensland was especially popular during the pandemic as lockdowns were not as severe, and people sought a lifestyle change.”

“The Queensland government predicts that 30 per cent of population growth over the next decade will come from interstate, and 40 per cent from international migration.”

According to the Compare the Move guide, Australia is the most popular country for Brits to migrate to, with approximately 1.2 million Brits moving down each year.

The guide says Australia has a more relaxed work/life balance, higher wages with good investment opportunities, and a high standard of healthcare and education.

Brisbane-based buyers agent Wendy Russell said all eyes had turned to Brisbane due to the upcoming Olympics in 2032, with overseas and interstate buyers realising the city was still undervalued and had the potential for more growth.

Buyers agent Wendy Russell

“Brisbane has lifted its game; you can see the city transforming,” Ms Russell said.

“It’s not just talk anymore. I had some overseas clients that wanted an investment unit in Indooroopilly. There were 12 offers for the unit, and my relationship with the agent meant I could get their contract to the top of the pile and get the deal across the line.

“Clients are telling me while their friends advise them to buy in Sydney and Melbourne, Brisbane is where the growth will be and is currently undervalued. It’s an exciting time.

“From a lifestyle perspective, even for the interstate buyers down south, their money buys them more here. People realise that Brisbane has all the other lifestyle aspects like Howard Smith Wharves, the future Queens Wharf precinct, James Street, all the high-end boutique fashion, and restaurants.”