Demand from international buyers and renters is climbing, adding further strain to an already tight housing market
Overseas interest in Australian property is increasing, with both buyers and renters from several countries lifting their search activity over the past year.
Figures from REA Group show that UK-based renters searching for Australian property rose 28% year-on-year, while renters from the United Arab Emirates increased by 16%. Growth was also recorded from the Philippines (+11%), New Zealand (+11%), and India (+7%). Searches from China-based renters declined by 7% over the same period.
On the purchasing side, the UK recorded the largest increase in buyer searches, up 21% over 12 months. India followed at +16%, the Philippines at +10%, and the UAE at +8%. Buyer searches from China fell 9% and from New Zealand by 7%.
"This is consistent with the growing popularity of Australian housing that we've seen recent years, particularly among those from the UK, India, China and the Philippines," said Luc Redman (pictured right), economic analyst at REA Group.
"Many of these migrant hotspots are considered desirable locations for locals too, with international property seekers and renters evidently focusing their search on Australia's affluent areas, those close to CBDs, and ones with lifestyle amenities, such as our iconic beaches."
The data coincides with continued tightening in the domestic rental market. Figures published last month by SQM Research showed Australia's national residential vacancy rate fell to 1% in March, down from 1.1% in February. Total residential vacancies declined to 31,732 dwellings, reflecting ongoing pressure across the country.
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