Mornington Peninsula and Central Coast boost Q1 auction clearance rates
The combined capital city clearance rate exceeded 80 per cent in the first quarter, propped up by lifestyle markets such...
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.”