Queensland has now become the most sought-after location for overseas property buyers in Australia, despite the state experiencing record-high property prices.
According to the latest data from PropTrack on realestate.com.au, Queensland has taken the top spot as the preferred state for international property seekers. The sunny climate and vibrant lifestyle of the Gold Coast and Brisbane have particularly captivated these buyers, making these cities the most searched-for locations in the country.
The report indicates that searches by overseas buyers increased by 0.8% over the year leading up to April 2024, standing 20% higher than the five-year average. Both the Gold Coast and Brisbane also ranked highly among international renters, coming in third and fourth place behind Sydney and Melbourne.
Interestingly, while rental searches from overseas have seen a slight decline, likely due to a 2.3% drop in student visas being granted compared to the previous year, they remain significantly higher than during the Covid-19 period from 2019 to 2022. The reduction in student visas has probably influenced the decrease in overseas rental searches, and this trend is expected to continue.
