From down under to top of the world: Australian real estate market soars, garnering global interest

The industry’s resurgence highlights its resilience and appeal, making it an attractive destination for lucrative investment opportunities

The Australian housing market is experiencing a significant resurgence as house prices continue to soar, fuelled by various factors, including rising demand from international buyers and a surge in migration.

According to Forbes, Australian house prices have been steadily climbing, reaching new heights in recent months. CoreLogic, a leading property data and analytics provider, supports this finding, revealing that Australia’s capital cities have recorded the strongest annual rental increase in history. The demand for rental properties has been consistently high, contributing to the overall growth of the market. 

Home sales are on a growth trajectory as well, with key cities listing positive numbers. Sydney, for instance, ranked ninth in the world for sales of properties valued at AUD10 million and above, as per realestate.com.au. This demonstrates the high demand for luxury properties in the city. 

Notably, the Gold Coast has emerged as one of the most sought-after regions in Australia, with homes in the area receiving high levels of attention from potential buyers. Realestate.com.au noted that Gold Coast homes are among the most viewed properties across the country, emphasising the growing popularity of this coastal city. 

The surge in demand for Australian properties can also be attributed to an anticipated influx of migrants. News.com.au found that more than 700,000 migrants are expected to flock to Australia by the end of next year, indicating a significant increase in population and housing needs. This influx of migrants is projected to further stimulate the housing market, contributing to the continued rise in prices. 

Related: The 6th PropertyGuru Asia Property Awards (Australia) will showcase the country’s finest to domestic, international property seekers

International buyers, especially from China, are returning to the market after a brief hiatus. The Strait Times reported that Chinese buyers are once again showing interest in the resurgent Australian property market. This renewed interest is attributed to the stability and attractiveness of the Australian real estate sector. 

Interestingly, European homebuyers are outperforming Chinese investors, revealed News.com.au. European buyers have become active participants in the market, indicating a growing trend of international interest from diverse regions. 

Thus, the resilience of the Australian housing market has caught the attention of global real estate observers. Mansion Global highlighted that Australia’s housing market is finally on the rebound, citing the recent surge in prices and increased demand as positive indicators for the sector’s recovery. This outlook bodes well for the winning developers at the 5th PropertyGuru Asia Property Awards (Australia) amidst the demand and continuous recovery. 

With the Australian housing market on a climbing curve, prices are anticipated to surge even higher, propelled by robust domestic and international demand, coupled with population expansion. 

Witnessed any award-worthy residential, commercial, or industrial projects in Australia? Nominate them for the 6th annual PropertyGuru Asia Property Awards (Australia) on or before 4 August 2023. To know more, visit AsiaPropertyAwards/Australia 

Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: [email protected].