Melbourne revealed as top offshore property location for home seekers, China rental nearly double pre-pandemic levels: PropTrack

October 27, 2023
Aerial view of houses in Armadale, looking towards the Melbourne city skyline

Melbourne has been revealed as the top destination in Australia for international buyers and renters.


Melbourne has been revealed as the top destination in Australia for offshore property seekers as rental interest from China nearly doubles pre-pandemic levels nationwide.

Exclusive new data from PropTrack shows searches from international buyers and renters surged across the nation over the past quarter on realestate.com.au, with Victoria’s capital the most-searched location, particularly for renters in China and the UK.

It also revealed Torquay on the Surf Coast, as well as Mulgrave in Melbourne’s southeast, as the most popular suburbs for overseas rental interest.

PropTrack senior analyst Karen Dellow said Torquay’s proximity to Geelong, Deakin University and Melbourne were key factors for those looking to rent.

“Torquay is attractive for its proximity to Geelong and its coastal lifestyle,” Ms Dellow said.

“Geelong is a thriving hub just over an hour’s drive from Melbourne’s CBD, and is home to a variety of businesses, hospitals and a major university.”

McCartney Real Estate Torquay director Tim Carson noted that rental interest had picked up in the area recently, particularly among expats returning to Australia after periods of living overseas.

Bells Beach - Torquay

Surf Coast town Torquay is one of the most searched suburbs for overseas renters.


“It’s probably because of the lifestyle and how easy it is to commute with the train station at Waurn Ponds,” Mr Carson said.

He added that families were also looking to the area for its proximity to schools like Geelong Grammar, Sacred Heart and St Joseph’s College.

It comes after the Foreign Investment Review Board’s most recent quarterly foreign investment report revealed foreign investors from China spent an additional $1bn on Aussie homes in the past financial year, with up to a third of the buyers seeking properties in Victoria.

PropTrack’s data shows searches to buy homes in Australia were up 36.9 per cent year-on-year in China, while rental searches from China were nearly double the volumes seen before the pandemic after rising 25 per cent since September 2022.

PropTrack senior analyst Karen Dellow.


A one-bedroom apartment at 6/999 Rathdowne St, Carlton North, is for sale for $525,000.


Inner-city ‘burbs Brunswick East and Carlton North were the most-popular search destinations for overseas buyers.

Ms Dellow said this was likely due to significant apartment development in both areas over the past few years, making them attractive options for students and investors.

Nelson Alexander Carlton North director Nicholas West said proximity to inner-city universities and hospitals were driving factors for the suburbs’ popularity among offshore buyers.

“Carlton North and Brunswick East offer immediate access to education and hospital precincts, so we’re certainly seeing (interest) is high in those areas in terms of anyone from Asia,” Mr West said.

“They also traditionally live in high density areas so like being close to (the CBD) and the Chinese community, and don’t want to live out in Point Cook and have to travel all the way in.”

Ms Dellow added that at current construction rates, there soon won’t be enough new properties to accommodate the forecast increase in population.

She said solutions to ease the housing shortage included building more properties in the areas people want to live in, making use of spare rooms in existing homes, and implementing build-to-rent models similar to those seen in the UK and the US to increase supply.

 

Source: www.realestate.com.au

You might be also interested in

Article Banner
If housing is so undersupplied, why are some markets falling in value?
The current state of the Australian housing market is often characterised as undersupplied. Supply is at the centre of government policy approaches to housing, and the latest reporting from Housing
VIEW POST
Gettyimages 1922023181
Here we go again: Shipping disruptions could pose major risk to interest rate cuts
‘Left of field’ shocks to global supply chains such as the tensions playing out in the Red Sea are the biggest risk to inflation and interest rates, the Reserve Bank
VIEW POST
Cover
Construction cost growth ‘returns to trend’
A reacceleration in the quarterly pace of growth for national construction costs is suggested to be a return to trend rather than a new surge, according to CoreLogic. The Cordell Construction
VIEW POST
1
Rental market to reach ‘tipping point’ in 2024: Domain
Domain’s Dr Nicola Powell told the Savings Tip Jar podcast the rental market will likely ease some time next year as more renters buy property or move into share houses,
VIEW POST
A
Monthly Housing Chart Pack – January 2024
Here are the must know stats, facts and figures on Australia’s residential property market. Annual growth in home values have seen ups-and-downs while rent values have increased at more than
VIEW POST
A
6 strategies to help you renegotiate your home loan and save money
Home loans are at their most expensive in 11 years, prompting a mad scramble among heavily mortgaged homeowners to either switch lenders or negotiate a better deal with their existing
VIEW POST
2
Richmond: Where you’ll find everything from cheap street food to luxury furniture
Richmond’s Barkly Gardens are popular with locals. Photo: Greg Briggs Bridge Road is back. The news from Richmond has the ailing retail strip shucking off the doldrums and getting a
VIEW POST
F
Home prices set to break new records in 2024, with three cities tipped to outperform all others
Stage three tax cuts, soaring population growth and lagging housing supply could see national property prices rise up to 4% over 2024, and as much as 8% in some capital
VIEW POST
Cover
Monthly Housing Chart Pack – December 2023
Each month the CoreLogic Research team puts together a Housing Chart Pack, with all the latest stats, facts and figures on the residential property market, such as the combined value
VIEW POST
1
Aussies amp up energy efficiency in homes as cost of living soars
With the cost of living higher than it has been in decades, homeowners and renters are looking for ways to reduce bills and save some money. Those living in homes
VIEW POST

Get your Free Property Guide.

Here goes your text ... Select any part of your text to access the formatting toolbar.

Get your free Sales Report for Melbourne revealed as top offshore property location for home seekers, China rental nearly double pre-pandemic levels: PropTrack

Get your free Sales Report for Melbourne revealed as top offshore property location for home seekers, China rental nearly double pre-pandemic levels: PropTrack

Subscribe to hear the latest

Start The Conversation Today.

Call us on:

1300 850 730

Request a Callback:

Send us a Message:

Privacy Policy

Get your Free Property Guide

Get your free Suburb Report for Melbourne revealed as top offshore property location for home seekers, China rental nearly double pre-pandemic levels: PropTrack

Privacy Policy

Who we are

Suggested text: Our website address is: https://motionproperty.com.au.

Comments

Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection.

An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year.

If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser.

When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select “Remember Me”, your login will persist for two weeks. If you log out of your account, the login cookies will be removed.

If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website.

These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue.

For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where your data is sent

Suggested text: Visitor comments may be checked through an automated spam detection service.

Get your Free PDF copy of Make Money Simple Again