Indian interest in Melbourne homes surges in 12 months, US and NZ among top international homeseekers: PropTrack
The amount of people in India looking to buy Aussie homes has surged by nearly a quarter in just one year, and they have their eyes on Melbourne’s growth corridor.
Indian interest in Aussie homes has surged by nearly a quarter in just one year, and they have their eyes on Melbourne’s growth corridor.
The nation’s major cricketing rivals were mainly after residences priced around $600,000 in new development suburbs like Tarneit and Point Cook in Victoria.
PropTrack’s latest Overseas Search Report revealed searches on realestate.com.au for Australian residential property from Indian homeseekers increased by 23 per cent in October compared to the same time last year.
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It comes after Foreign Investment Review Board (FIRB) data showed 550 property transactions were approved for Indian investors in the 2023-2024 financial year — worth a combined sum close to $400m — of the $6.6bn spent by offshore buyers on Aussie homes.
PropTrack data also showed Melbourne was the top city for overseas searchers.
Chinese prospective buyers and renters were the most interested in the region, with their top 10 suburbs nationwide all in Melbourne including Balwyn, Camberwell, Glen Waverley and Canterbury.
The largest totally amount of Victorian property searches of any country was from the United States, followed by New Zealand, the United Kingdom and China.
PropTrack senior analyst Karen Dellow said searches from the US had peaked over the years during politically and historically significant periods like the pandemic and when there were changes in government.
She added that Toorak, South Yarra and Glen Waverley were the most-searched suburbs from prospective offshore buyers and renters — where typical home prices ranged between $1.69m-$4.7m and median rental prices were $700-$1500 a week.
Elite Buyer Agents founder Kim Easterbrook said she had helped lots of Indian buyers find a home in Victoria, many of whom were medical professionals.
“The Indian market is strong for family homes in that in mainly the eastern suburbs and strong Chinese activity in the higher end market as well,” Ms Easterbrook said.
She added that family homes priced at $2m-$6m with some land in safe areas were the main factors for international purchasers.
“They want the back yard for the family and being close to good schools,” she said.
“While we’ve still got a skills shortage, I think (overseas property buyer interest) will still remain quite high.”
Rental Search Australia co-founder Jade Costello said her biggest overseas clientele moving to Victoria were from the United Kingdom and New Zealand “by a long shot”.
Ms Costello said most overseas migrants looking to rent a home wanted it to be in proximity to work or popular school zones.
However, she added that competition for rentals remained strong, with many properties being leased after their first inspection.
“I can’t imagine demand will ease off just because we’re losing so many properties in Melbourne, particularly to landlord selling,” she said.
“I don’t see it slowing down.”
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sarah.petty@news.com.au
Originally published as Indian interest in Melbourne homes surges in 12 months, US and NZ among top international homeseekers: PropTrack
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