Australia’s Queensland Emerges as Top Destination for Overseas Real Estate Buyers Amid Record High P

Discover why Queensland is attracting international buyers despite soaring property prices, making it the hottest market in Australia.

In a surprising turn of events, Queensland has emerged as the hottest target in Australia for overseas real estate buyers, despite the state experiencing its highest prices on record. According to the latest data from the PropTrack report, Queensland was the most-searched state by overseas investors in the year leading up to April 2023, surpassing Victoria and New South Wales.

Australia’s Queensland Emerges as Top Destination for Overseas Real Estate Buyers Amid Record High Prices

The sunny climate of the Gold Coast and Brisbane seems to be a major draw for international buyers, with both locations ranking as the first and second most searched-for destinations in the country. Searches by overseas buyers have increased by 0.8 per cent over the past year, reaching a level that is 20 per cent higher than the five-year average.

Interestingly, while most major overseas countries experienced a slowdown in property searches, the United Kingdom saw a notable increase of 6.9 per cent in searches to buy properties in Australia. This trend indicates a continued interest from UK buyers in the Australian property market.

In addition to attracting property buyers, both the Gold Coast and Brisbane have also captured the attention of overseas prospective renters, ranking third and fourth behind Sydney and Melbourne. Despite a slight drop in rental searches from overseas and a decrease in overseas student visas being granted, the numbers remain significantly higher compared to the Covid-19 period from 2019 to 2022.

The decline in visas granted to international students has had a direct impact on the influx of new arrivals to Australia, which in turn has affected the overseas rental market. This trend is expected to persist as long as international travel restrictions remain in place.

Queensland's appeal to overseas real estate buyers and renters remains strong, driven by its desirable climate and attractive real estate opportunities. Despite the challenges posed by the global pandemic, the state continues to attract interest from overseas investors, particularly from the United Kingdom.