overseas buyers

Overseas buyers increasingly look at Australian property, figures show

by Ray Clancy on February 23, 2011

in Property in Australia

Australia property enticing to overseas buyers

Overseas buyers appear to be increasingly interested in buying property in Australia as a major UK based search website has revealed a massive increase in the number looking for houses.

The number of people searching property in Australia in January increased 114%, according to the figures from Rightmove Overseas. Searches for neighbouring New Zealand also soared, up 91%.

It means that Australia has broken into the Rightmove Overseas top ten search locations for the first time. South Australia saw a 183% increase in searches, Victoria was up 138%, Western Australia up 114%, New South Wales up 92%, and Queensland up 87%.

‘We always expect searches to increase in January, with a new year new start mentality acting as a catalyst amongst overseas homebuyers and this year has proved no exception. The start of 2011 has seen a massive 55% increase in traffic on December, fuelled by Rightmove’s national TV advertising campaign and the miserable weather in the UK,’ said Robin Wilson, head of overseas at Rightmove.

‘The emigration season kicked off with a bang for Australian property with searches up 114%, pushing it into the top five countries for the first time. Traditionally a strong emigration destination, Australia has seen as increase in nearly all regions, helped no doubt by Channel 4’s new television series Relocation: Phil Down Under,’ he explained.

‘If I was advertising properties in these prime emigration destinations, I’d be looking to maximise the surge in interest before the cold hard reality of moving half way round the world starts to dampen enthusiasm and leads,’ he added.

‘With inflation and fear of job losses hitting consumer confidence, a strong economic headwind is forcing many people in the UK to look for opportunities to emigrate or purchase property overseas, according to David Kerns, private client dealing manager at Moneycorp.

‘The surge in interest in Australian property chimes with recent Moneycorp research which found it to be the favoured destination for Brits longing for a new start. Commodity based currencies such as the Australian dollar remain strong though, which is pushing costs up for expats and reinforcing the need to plan ahead when transferring money,’ he added.

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