Queensland now the hottest target in Australia for overseas buyers
New data has found Queensland is now the hottest target in Australia for overseas property buyers, despite the state going through its highest prices on record.
New data has found Queensland is now the hottest target in Australia for overseas property buyers, despite the state going through its highest prices on record.
Latest PropTrack data on overseas searches for properties on realestate.com.au revealed Queensland was the most popular state for those looking to buy.
“Queensland was the most-searched state by overseas investors in the year to April 2023, followed by Victoria and New South Wales,” the PropTrack report said.
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“Overseas property seekers continued to be captivated by the sunny climate of Gold Coast and Brisbane, ranked the first and second most searched-for locations in the country for international buyers.”
PropTrack found searches by overseas buyers rose 0.8 per cent over year to April 2024, to sit 20 per cent higher than the five-year average.
“All major overseas countries recorded a slowdown in searches for properties to purchase bar the United Kingdom, where searches to buy grew by 6.9 per cent over the year.”
Both the Gold Coast and Brisbane were also popular for overseas prospective renters, it found, ranking third and fourth behind Sydney and Melbourne.
Rental searches from overseas has seen a drop along with a fall in overseas student visas being granted, down 2.3 per cent compared to April 2023, were still 32 per cent higher than the Covid-19 period from 2019 to 2022.
“A decline in visas granted to international students has curtailed the influx of new arrivals to Australia, which has likely impacted the decline in overseas rental searches and is anticipated to continue.”
Originally published as Queensland now the hottest target in Australia for overseas buyers