Escape to the Sunshine State: Where overseas buyers are looking in Qld
The city and seaside suburbs of SOUTHEAST Queensland dominate the list of places overseas buyers want to locate, but there are some surprising regional hubs that are also attracting global attention.
Mackay and Yeppoon saw the biggest increase in overseas eyeballs, with a 59% year-over-year increase.
They were followed by Yarrabilba, up 52%, Bridgeman Downs (34%) and Macgregor (32%), according to PropTrack exclusive data.
Pimpama, Pallara, Marsden, Springfield and Browns Plains round out the top 10 suburbs for overseas search growth.
But the most sought-after location in Queensland by overseas buyers is Brisbane City, followed by Surfers Paradise, Broadbeach, Burleigh Heads and Noosa Heads.
Southport, Robina and Mooloolaba were also in the top 10, as were the Brisbane suburbs of Indooroopilly and New Farm.
And the country with the most house hunters is just over the gap in New Zealand.
According to the Australian Bureau of Statistics (ABS), more than 208,000 New Zealanders were in Queensland at the 2021 census, with many more considering moving.
BEST QLD SUBURBS FOR OVERSEAS SHOPPERS
1. City of Brisbane
2. A surfer’s paradise
3. Wide range
4. Burleigh Heads
5. Noosa Heads
8. New Farm
In all other states, the top spot for overseas buyer search activity was from the UK or the US, with these buyers also looking for property in the Sunshine State.
Other top markets looking for property in Queensland include Hong Kong, Canada, Singapore, Philippines, India, Germany and China.
Data from Juwai shows there has been a 4% increase in queries from Chinese buyers for Queensland property over the past five years, with Queensland securing 22% of all Chinese searches for Australian properties l ‘last year.
PropTrack senior analyst Karen Dellow said the most popular suburbs for overseas property seekers were mostly close to major cities, but areas with higher employment, such as mining regions, could also be the source of a growing popularity.
Ms Dellow said searches for properties to buy were up 10% in 2022 compared to 2021 and 11% compared to 2019.
“Queensland has always been a top destination for overseas property seekers, so search volumes have remained fairly stable over the past few years, even during the pandemic,” she said. .
“There are a number of factors that drive relocation to Australia, such as lifestyle preferences, jobs, good salaries, good universities, universal healthcare and good public schools.”
Brisbane buyers’ agent Wendy Russell, who has clients in South East Asia and elsewhere, said many of her clients were in their 40s and 50s and had roots in Brisbane.
“Many are expats looking to secure a property now with a view to returning at a later date,” she said.
“They have family ties but earn good salaries overseas and their budgets are usually between $1.5 million and $3.5 million.”
Ms Russell said most of her clients were based in places like Singapore, Dubai and Hong Kong, but she also worked with buyers in the United States and Thailand.
“Many believe the Brisbane market will hold up well and are hedging their bets now rather than waiting for the Olympics,” she said.
Tom Offermann Estate agent Nic Hunter recently sold The Riverhouse in Noosa North Shore for “about $4 million” to an expat returning from Detroit, USA.
“The buyer stole and inspected it on New Year’s Eve and fell in love with it,” Mr Hunter said.
Mr Hunter said the expats, originally from Melbourne, had been in the US for “decades”.
“We are seeing more and more expats looking to return to Australia as the world becomes increasingly turbulent,” he said.
“They have worked hard for years and want to bring their family home with the lifestyle they grew up with.
“We deal with expats from all over the world, from Japan, Singapore, Hong Kong, all thinking about safety and rekindling their youth.”
On the Gold Coast, Phillis Real Estate director Alex Phillis echoed the sense of security, adding that his agency was also hearing from “many” expats who wanted to return home to Australia with their young families.
“The typical demographic is that 40 to 50 age group, the group that has worked overseas but also experienced lockdowns during Covid, many of them in apartments,” he said.
“They want a life for their children like they did.”
According to the Australian Bureau of Statistics, around 170,900 people migrated from overseas in 2021/22.
Of these, 23,430 moved to Queensland.
TOP GROWTH BANNERS FOR OVERSEAS SHOPPERS
2. Yeppoon +59%
3. Yarrabilba +52%
4. Bridgeman Downs +34%
5. Macgregor +32%
6. Pimpam +31%
7. Pallara +26%
8. Marsden +25%
10. Browns Plains +24%