As the property market cools, interest from interstate and overseas buyers heats up.

The property market has become less and less predictable over recent months. And at Gavl we were curious if the shifts in real estate are having an impact on interstate or overseas purchasing. So we did some digging…

THE RESEARCH

To learn the answer, we teamed up with leading data and insights company Pureprofile. We conducted a survey of 118 Sydney and Melbourne real estate agents to gauge if there’s been any growth in enquires for local properties from non-local buyers.

THE RESULTS

It turns out the winds of change are indeed affecting remote buyers. Our research confirms that real estate agents have seen growth in the number of interstate and overseas property investors in the last 12 months.

Forty-eight per cent of agents revealed that in the last year they’ve seen growth in the number of buyers from interstate and overseas making purchases in the Sydney and Melbourne housing markets. When asked why interstate buyers have increased, 72% of agents attributed it to the ‘buying area’ being a ‘good market for buyers’.

It seems Melbourne might be the more attractive market for non-local buyers:

• Percentage of agents seeing growth in interstate buyers:
  • 30% in Melbourne
  • 20% in Sydney
• Percentage of agents seeing growth in overseas buyers:
  • 20% in Melbourne
  • 15% in Sydney

THE INSIGHTS

Australasia’s leading auctioneer Justin Nickerson confirms the survey results match his own experiences and the feedback he receives from agents:

“With Sydney and Melbourne cooling off since last year’s frenzy, the market is looking more affordable which has led to interstate and overseas buyers coming back. They’ve seen that there’s a lull which means now is a good time to buy before a surge happens again. Overseas buyers see cities like Sydney and Melbourne as always being desirable with jobs and infrastructure, so they’ll invest now to reap the benefits later.”

GAVL CEO Joel Smith says, “Gavl’s own data supports these survey results. With app downloads across the globe, we’ve had over 3.5 million views of 6000 Australian auctions from 50 countries, clearly indicating overseas buyer interest in the Australian property market. ”

NEXT STEPS

Ready to amplify your auctions to interstate and overseas buyers. Contact our team today!

If you’re a vendor interested in streaming with Gavl, you can request a Gavl auction directly through us.