Half of agents see increased demand for Sydney and Melbourne from interstate and overseas
A new survey has found that nearly one out of two real estate agents have noticed a rise in demand for Sydney and Melbourne property from interstate and overseas buyers, despite growth in these capital cities slipping.
The survey, conducted by the company behind the bidding app Gavl, surveyed real estate agents from Sydney and Melbourne about the growth of interest from interstate and overseas buyers, which resulted in 48 per cent saying they have seen growth.
Interstate buyers saw more growth than overseas, with 30 per cent of agents noting growth for interstate buyers, as opposed 20 per cent of agents seeing growth for overseas buyers.
Melbourne has been the more notable choice for both interstate and overseas buyers; 30 per cent and 15 per cent of Melbourne agents saw growth for interstate and international buyers respectively, whereas 20 per cent and 15 per cent of Sydney agents saw growth for interstate and overseas buyers respectively.
Justin Nickerson, auctioneer and Gavl spokesperson, said the results of the survey align with his own experience and what he hears from other agents.
“With Sydney and Melbourne cooling off since last years’ frenzy, the market is looking more affordable which has led to interstate and overseas buyers coming back,” Mr Nickerson said.
“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.”
More from this writer:
-
Where to find winners in the WA market
-
How rents have performed for investors so far this year
-
How to save money with a new repayment strategy
-
Popular capital cities on the rise as market softens over June
-
Cash rate call for July 2019 revealed
-
New property sales rebound over May
-
How far can a $500,000 budget get you in Sydney?