1 in 3 buyers seeking Qld property
A report shows that up to a third of out-of-state buyers are inspecting properties in Queensland, and up to one-fourth of buyers across Australia are inspecting properties interstate.
The August Sight Unseen Report by Little Hinges, a virtual tours platform, analyzed over 300,000 virtual inspections and revealed that interstate inspections continue to account for more than 25.9 percent of all property inspections in Australia.
Little Hinges co-founder and chief executive Josh Callaghan said that “the percentage of interstate inspections has remained consistent since January, showing that the trend of buyers shopping outside their home state is here to stay”.
According to the latest data, Queensland remains in the lead, with an average of 33 percent of all inspections on the Gold Coast, Sunshine Coast, and Brisbane coming from outside the state.
Further findings show that nearly 43 percent of buyers inspecting real estate in the Gold Coast region are from outside the state. In addition, 9 percent of all property buyers on the Gold Coast are from overseas.
Across in Perth, out-of-area inspections have also proved popular. One in five inspections in the city was conducted by out-of-state buyers, according to the report, while 8 percent of international buyers were inspecting West Australian real estate.
“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.
Sydney and Melbourne continue to be less popular choices for interstate buyers, but both cities have experienced significant growth since the beginning of the year, with 13.9 percent and 15.5 percent of interstate inspections, respectively.
“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 said.
“Given we’re seeing interest rates rise and the heat coming out of the market, agents who are using innovative technology to tap into interstate buyers are the ones who will continue to win listings.”