The Top 10 Australian cities foreign property buyers have their eye on.
According to JUWAI IQI’s Top Countries 2020 report, the Australian market is the second most popular destination for Asian property buyers, accounting for 13.7 per cent of buyer activity. So lets check the Top 10 Aussie cities foreign buyers are enquiring about.
“Asian buyers from the Philippines, Malaysia, South Korea and Japan all increased their buyer activity in 2020, despite the pandemic. Much of this was interest displaced from the United States, Canada and the UK,” the report said.
“Australian housing values climbed 2.8 per cent in the three months to January 2020, while inventory remains very low. Nonetheless, the inner-city and close-in suburbs popular with foreign buyers have struggled due to the loss of foreign students, new migrants and other overseas arrivals.
“Developers have responded by closing the tap on large new projects, pushing approvals for new unit starts down by 8.6 per cent. That compares to a 13.9 per cent increase in approval of new home starts.”
The report noted some foreign buying remains “remarkably resilient”, using the case study of a property project in Perth that sold 60 per cent of its units to buyers from Singapore.
“In the post-pandemic period, we expect strong foreign demand, composed of both offshore buyers and migrants,” the report said. “Australia’s high-quality lifestyle, dependable economy and deft handling of the pandemic make it extremely desirable both to investors and potential new permanent residents.”
According to the report, Melbourne, Sydney and Brisbane were deemed the most sought-after cities for foreign buyers to invest in in 2020, in that order. This marks the same result as the 2019 calendar year.
Hobart replaced Gold Coast as number four most popular choice, while Adelaide and Perth retained the fifth and sixth spots of the most enquired about cities. Coming in at number seven was the Gold Coast (Canberra in 2019), followed by Canberra at number eight (Hobart in 2019), Cairns at number nine (Geelong in 2019) and Darwin at number 10 (Cairns in 2019).
Source: Nest Egg – Emma Ryan
There you have Top 10 Aussie cities foreign buyers are enquiring about.. For more tips such as 10 tips for saving up for a home deposit.
Follow us for more investment and financial tips.
General Advice Warning
The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.
Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.
Although every effort has been made to verify the accuracy of the information contained on this page and on this website, Chan & Naylor, its officers, representatives, employees, and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.