Defense land sell-off sparks housing potential
The federal government’s plan to sell off surplus Defence land is prompting states to assess whether former military sites could help ease the housing crunch. Click here to view:
Since the last Overseas Search Report in July 2023, searches from abroad have continued to increase, with buy searches up 11.5% in the past three months and rent searches up 7.8%.
Both buy and rent searches are now well above pre-pandemic levels and are set to continue rising now that migration has returned to previous levels.
A quarter of buy and rent searches from overseas come from New Zealand, and interest from our nearest neighbour has increased monthly.
Rental searches from across the Tasman have increased by 38% from last year, and buy searches are up 7%.
Interest from China waned in 2020, plummeting by 53% in the 12 months to September 2020. However, in March 2023, searches for properties to buy skyrocketed and have returned to pre-pandemic levels.
The same is the case for rental searches from China, which are nearly double the volumes seen before the pandemic.
This increase is primarily driven by the return of students and migrant workers to our shores.
The federal government’s plan to sell off surplus Defence land is prompting states to assess whether former military sites could help ease the housing crunch. Click here to view:
Rental stress among Australians aged over 75 has surged 116 per cent since 2013, with experts warning 55,000 older people face potential homelessness without urgent reform. Click here to view: