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New research has revealed that agents are seeing growth in their markets thanks to interstate and overseas buyers.
A survey of Sydney and Melbourne agents conducted by live-streaming auction app Gavl found that 48 per cent of agents had seen growth over the past year thanks to interstate and overseas buyers.
Interstate buyers topped overseas buyers for agents, with 30 per cent of the agents saying that they had seen growth in interstate while only 19 per cent had seen growth from overseas.
Melbourne appeared more attractive for non-local buyers, with 30 per cent of Melbourne agents seeing growth from interstate compared to just 20 per cent of Sydney agents.
Even among overseas buyers, Melbourne appeared more popular as 20 per cent of Melbourne agents saw growth compared to 15 per cent of Sydney counterparts.
Auctioneer and Gavl spokesperson Justin Nickerson confirmed that the survey results matched his own experience.
“With Sydney and Melbourne cooling off since last year’s frenzy, the market is looking more affordable, which has led to interstate and overseas buyers coming back,” Mr Nickerson said.
Mr Nickerson said that the lull meant it was a good time to enter the market and investors knew they would reap the benefits.
“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,” the auctioneer said.
Gavl CEO and co-founder Joel Smith said that Gavl’s data supported the survey results as the app had been downloaded internationally.
“Our app has been downloaded in New Zealand, China, the US, the UK, Hong Kong, India, Singapore, Malaysia and Indonesia,” Mr Smith said.
Among those downloads, over 5,000 Australian auctions have been viewed by overseas buyers, the CEO said.
“We’ve had over 3.5 million views of 6,000 Australian auctions from 50 countries, which indicate overseas buyer interest in the Australian property market. We expect it to only go up from here,” Mr Smith said.
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