Professionals Real Estate 
Interest from international property hunters has surged as migration levels have rebounded to pre-pandemic norms.
Since the last Overseas Search Report in July 2023, there has been a consistent uptick in property searches originating from foreign shores. Buying inquiries have escalated by 11.5% over the past three months, while rental searches have climbed by 7.8%.
Both buying and renting inquiries now surpass pre-pandemic levels and are poised for further growth, given the return of migration to pre-COVID levels. A noteworthy 25% of property searches for both buying and renting are emanating from New Zealand, with interest from our closest neighbor showing a monthly increase.
Rental searches from across the Tasman have witnessed an impressive 38% uptick from the previous year, while property buying searches have risen by 7%. In contrast, interest from China experienced a sharp dip in 2020, plummeting by 53% in the twelve months leading up to September 2020. However, come March 2023, property purchasing searches experienced a meteoric rise, returning to pre-pandemic figures.
The same trend is observed for rental searches originating from China, nearly doubling the volumes seen before the pandemic.
This surge can be primarily attributed to the resurgence of students and migrant workers arriving on Australian shores. In July 2023, arrivals of migrant workers and students reached their highest point since January 2020, averaging 265,000 new arrivals each month over the past six months.
Of particular note, rental searches serve as a leading indicator for overseas migration, reflecting the influx of permanent residents and students to Australia. Following the reopening of Australia’s international borders at the beginning of 2022, both overseas arrivals and property search volumes increased consistently month after month.
The reopening of the borders had a significant impact on Australia’s population growth, as evidenced by recent data from the Australian Bureau of Statistics (ABS). In 2022, Australia’s population grew by 1.9%, marking an increase of 496,800 individuals over the course of twelve months, the most substantial growth in 15 years.
When comparing the surge in rental searches during the same period, the data also highlights a substantial uptick in interest from international property seekers.
So, where exactly are these overseas property seekers focusing their attention? In the past six months, the most frequently searched location on realestate.com.au has been Melbourne, a fact hardly surprising given its status as the initial point of arrival for many migrants and its prominent standing as a hub for both business and education.
