A report has indicated that one in three out-of-state buyers are inspecting properties in Queensland, with one in four across Australia are looking at properties’ interstate.
Virtual tours platform, Little Hinges, released a report entitled Sight Unseen in August 2022 which revealed that interstate inspections continue to make up 25.9 per cent of all property inspections nationwide. The platform analysed over 300,000 virtual inspections for the report.
An average of 33 per cent of all inspections across Brisbane, the Gold Coast and Sunshine Coast are from out-of-state potential buyers, according to the report. Buyers in Melbourne and NSW are amongst the most interested in Queensland properties.
The report indicates that the Gold Coast is leading the country in terms of buyer interest, with 43 per cent of prospective buyers inspecting property in the region coming from other states. Along with this, a further 9 per cent of all buyers inspecting properties in the area are from overseas.
Further findings show that Perth was also a popular spot for interstate buyers, recording one in five inspections in the city coming from outside of WA, with 8 per cent being overseas.
Despite experiencing growth since the beginning of the year, Melbourne and Sydney remain as the less popular choices for interstate buyers, sitting at 15.4 per cent and 13.9 per cent interstate inspections respectively.
In conjunction to this report, the Property Council of Australia conducted a survey which revealed that one in 20 people from Sydney and Melbourne are “definitely” or “probably” looking to move interstate over the next five years.
CEO and co-founder of Little Hinges Josh Callaghan said the percentage of interstate inspections has “remained consistent since January”, revealing that the trend of buyers looking at interstate properties will continue.
“We are continuing to see the number of people who are looking to move to Queensland remains high, with one in three virtual inspections across the Gold Coast, Sunshine Coast and Brisbane being conducted from interstate.
“Sellers who tap into the pool of southern buyers will be able to command higher prices, even as the buyer market continues to soften,” Mr Callaghan said.
Mr Callaghan continued: “Given we’re seeing interest rates rise and the heat come out of the market, agents who are using innovative technology to tap into interstate buyers are the ones who will continue to win listings.
“Agents who are able to tap into the sight unseen market will be able to leverage the influx of Sydney and Melbourne buyers to achieve much higher price points” Mr Callaghan concluded.
Queensland’s Deputy Premier recently directed the state’s Housing Supply Expert Panel to address the various housing challenges across the state.
Deputy Premier Dr Steven Miles directed the panel to provide advice about what more councils should do to address housing supply, stating that affordability and housing supply should be the “number one priority” of local government at this time.