Sydney is the number 1 place to rent a house in Australia for foreigners
According to the latest statistics from PropTrack, Sydney has risen to the top of the list of cities where foreigners look to rent houses in Australia. Although the number of foreigners moving to Australia has decreased slightly since the beginning of the year, the number of rental searches in Australia remains above the average over the past five years. Nationally, the Gold Coast in Queensland was recorded as the most sought after location by overseas property buyers.
Although Sydney is the most popular city for Australian renters, last year it ranked third as the region to buy property from abroad. Victoria is the second best state for both purchases and rentals. Latest figures show the number of people looking for Australian property from overseas has increased by 20 per cent over the past five years.
People from many other countries have shown interest in Australian real estate both in the rental and sales sectors, with the UK, New Zealand and China in the top three positions this year. Listings of people looking to rent in Australia from the UK increased by 8.1% and to buy a house by 6.9%. Searches for rental housing from New Zealand also increased by about 2% and China increased slightly by 0.5%.
In April, all major overseas countries recorded a decline in real estate searches & sales. The reduction in the number of visas issued to international students has reduced the number of immigrants coming to Australia.
“In March 2024, there were 44,580 international students in Australia, a decrease of 9,060 students compared to the previous year,” said PropTrack senior data analyst Karen Dellow. “This is expected to lead to a continued decline in rental searches from abroad,” she said.
Source: 9NEWS. (2024). Sydney the top location for people from overseas looking to rent in Australia. From https://www.9news.com.au/
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