Australia’s housing crisis could be about to get worse, with the number of overseas buyers and renters looking to flee war zones or chase the sunshine soaring.
New data from realestate.com.au shows that the number of renters looking to make the move Down Under from the UK, renowned for its bleak winter days, increased 28 per cent over the past year, with the number of renters from the war-stricken United Arab Emirates (UAE) increasing by 16 per cent.
The UAE and neighbouring nations have come under regular attack from Iran as the war in the Middle East drags on.
Also seeing an increase in renters looking to move to Australia were the Phillipines (+11%), India (+7%), and New Zealand (+11%).
But the number of China-based renters looking to Australia fell 7 per cent over the year.
The UK is also the top location for buyers looking to purchase Aussie property, increasing 21 per cent in the past 12 months.
It was followed by India, up 16 per cent, Phillipines, up 10 per cent and the UAE, up 8 per cent.
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Melbourne is a top pick for Indian buyers and renters (Photo by Asanka Ratnayake/Getty Images)
But the number of searches from overseas buyers fell in China (-9%) and New Zealand (-7%).
REA Group economic analyst Luc Redman said Australia was often highly sought after for its enviable way of life.
“This is consistent with the growing popularity of Australian housing that we’ve seen recent years, particularly among those from the UK, India, China and the Philippines,” he said.
“Many of these migrant hot spots are considered desirable locations for locals too, with international property seekers and renters evidently focusing their search on Australia’s affluent areas, those close to CBDs, and ones with lifestyle amenities, such as our iconic beaches.”
Well-heeled Toorak is a top pick for Chinese buyers
And the data shows just where migrants from various countries are looking to buy or rent despite a lack of available homes.
Last month, SQM Research revealed that Australia’s national residential vacancy rate fell to 1 per cent in March, down from 1.1 per cent in February.
The total number of residential vacancies declined to 31,732 dwellings, marking a continued tightening in rental market conditions nationwide.
Kiwis are drawn to places like Buleigh Heads . (Photo by Andrew Shield/World Surf League)
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TOP SUBURBS TO RENT BY COUNTRY
INDIA: Melbourne (Vic), Paramatta (NSW), Sydney (NSW), Southbank (Vic), Adelaide (SA)
ENGLAND: Bondi (NSW), South Yarra (Vic). Richmond (Vic), Coogee (NSW), Bondi Beach (NSW)
CHINA: Zetland (NSW), Melbourne (Vic), Waterloo (NSW), Chippendale (NSW), Sydney (NSW)
NEW ZEALAND: Brisbane City (Qld), Sydney (NSW), Perth (WA), Melbourne (Vic), Richmond (Vic)
PHILLIPINES: Melbourne (Vic), Sydney (NSW), Brisbane City (Qld), Surry Hills (NSW)
UAE: Sydney (NSW), Docklands (Vic), Melbourne (Vic), Perth (WA), Zetland (NSW)
TOP SUBURBS TO BUY BY COUNTRY
INDIA: Sydney, Melbourne, Tarneit (Vic), Point Cook (Vic), Craigieburn (Vic)
ENGLAND: South Yarra, Prahran (Vic), Richmond (Vic), Armadale (Vic), Elwood (Vic)
CHINA: Balwyn, Glen Waverley, Camberwell, Kew, Toorak (all Vic)
NEW ZEALAND: Sydney, Burleigh Heads (Qld), Melbourne, Perth Broadbeach (Qld)
PHILLIPINES: Randwick (NSW), Paddington (NSW), Woollahra (NSW), Bellevue Hill (NSW), Melbourne
UAE: Sydney, Revesby (NSW), Melbourne, Greenacre (NSW), Padstow (NSW)
(Source: REA)
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Bondi is a hit with English renters, many of whom would likely be on a gap year. Picture Thomas Lisson
English (US) · 