Overseas interest in Australian property has fallen in recent months amid the coronavirus pandemic as international border closures curtails foreign student arrivals and overseas migration.
Search interest to buy Australian property from overseas fell 5.1 per cent in financial year 2020 compared to the 2019 financial year, while overseas searches for rental property declined 11.5 per cent.
The impact of the health crisis has been varied across Australia’s residential property, however the rental market has experienced the biggest disruption to date. The rental market is vulnerable to changes in overseas migration considering most opt to rent upon arrival.
Residents in Hong Kong are showing increased interest in Australian property, with for sale searches rising 14.1 per cent and rental searches up 4.1 per cent in the 12 months to June.
The substantial increase in purchasing real estate could indicate expats seeking a return home as Hong Kong’s political instability and the global health pandemic pushes many to reassess, although strong international border closures have impacted on search activity in recent months.
Searches from the UK rose 6.7 per cent and 11.3 per cent on property for sale and for rent respectively – it’s another country home to many expats who are now perhaps considering a move closer to loved ones.
The top origin for overseas for sale searches are the US, Hong Kong, New Zealand, Singapore, China.
Despite secondary outbreaks, Australia has had better success in containing the virus compared to many other countries, which should result in a quicker economic recovery. This could make Australia an attractive destination for new migrants to reside in or purchase an investment.
