Australia (Common Wealth) _ Melbourne, Sydney, Perth, and the Gold Coast were the most sought-after locations by UK buyers, according to PropTrack’s 2022 Overseas Search Report wrap-up.
The majority of international investors in Australia’s real estate industry are European, not just Chinese buyers, the report revealed.
The UK is home to the most people who own multimillion-dollar properties in Australia, followed by the US, according to The Wealth Report 2023.
Although the research does not specifically mention how many residents from these two nations have invested in the Australian real estate market, market data from realestate.com.au reveals a 30% rise in interest in searches for Australian properties on the site.
The Covid-19 pandemic, according to Nadine Goldfoot, managing partner at immigration law firm Fragomen in the UK, was a major motivator for Europeans to move to Australia.
“The number of people who were suddenly able to do their existing work in a new country expanded rapidly,” she claimed.
The “digital nomad” boom has expanded the pool of people who are capable of moving throughout the world, and as a result, nations have developed new strategies to draw them in.
Europeans were driven to Australia by the pandemic and the volatility of the market. Julian Andrews photo
According to Alasdair Pritchard of Knight Frank, the turbulence and unpredictability of the European and British real estate markets drove investors to make investments abroad.
Wealthy people who live in insecure areas have always looked for property in the US, Australia, or Europe that can help them transfer to a new life if necessary.
The broader Brisbane region of Queensland, which encompasses the entire coastal plain and includes the local government regions of Brisbane City, Ipswich, Logan City, Moreton Bay, and Redland City, was also of particular importance.
Even though not all of these are expensive homes, it still demonstrates that less affluent Europeans are thinking about moving to Australia.
For investors going from the US to Australia, the findings are nearly the same, with Sydney claiming the top rank and being followed by Melbourne, the Gold Coast, Greater Brisbane, and Perth.
The PropTrack data also showed that Europeans are very interested in the rental sector, with searches for rental properties up 34.2% year over year.
The majority of foreign purchasers who bought homes worth more than $US2 million ($A3 million) in the markets of Switzerland, Spain, Portugal, Italy, and South Africa were from the UK.
Additionally, residents of Spain, Canada, and Hong Kong make up Australia’s foreign buyer market, completing the list of countries that purchase in Australia according to Knight Frank.
The top seven countries competing for Australia’s wealthy real estate market have been revealed by new statistics, with foreign homeowners from one continent surprisingly grabbing the top rank.
Chinese, Indian, and Singaporean investors are frequently considered when speaking of foreign investors in Australia’s private real estate market.
In reality, a number of surveys performed in the past show that Australians believe the government is “allowing too much investment from China” and that home prices are being driven up by buyers of Asian ancestry.
While investors from China and Singapore are included in Australia’s foreign buyer market, research compiled by global property insight platform Knight Frank reveals that the continent with the highest concentration of homebuyers purchasing Australian properties priced over $US2 million ($A3 million) is on the other side of the world.
