Sydney property is a hot ticket item among the international community — but the suburbs becoming the most sought-after may not be where you might expect.
A number of suburbs in NSW’s capital have captured the attention of overseas buyers — but they’re not from where you might think.
New data from realty data analytics firm PropTrack found that some of Sydney’s suburbs are becoming a hot ticket item among the international community.
There was a 12 per cent uptick in 2023 for the amount of online searches of the NSW market coming from overseas.
And that’s coming off the back of an already turbocharged year, with 2022 experiencing a spike after years of Covid-inspired border closures preventing non-Australians from inspecting property.
The searches are concentrated around prestigious areas in Sydney, including the north shore, the northern beaches, the eastern suburbs and the inner city.
According to PropTrack, Sydney’s CBD, Surry Hills and Zetland in the inner city, Randwick over in the east, and the north shore suburb of Chatswood, are the most popular among aspiring international buyers.
Hot on their heals were several other sought-after suburbs — popular suburbs was Bondi, Chippendale and Manly.
The data found that most of these overseas searches originated from the US and the UK.
Both countries have a large Australian population and the analysis noted that it’s likely many of these searches are from Australians looking to return home.
Behind those two countries, mainland China, Hong Kong, Singapore and India then made up the bulk of the other international searches.
It comes as Anthony Albanese announced earlier this week he was scrapping the stage three tax cuts, putting more money into low and middle income earners by way of tax refunds.
This could be bad news for property owners, with one expert warning it would make more people go out and spend money, delaying interest rate cuts.
Deloitte Access Economics partner Stephen Smith said the tax cuts — designed to put money back in Australians’ pockets — could increase inflation and slow down interest rate cuts.
He told news.com.au any expected interest rate cuts in 2024 “could become one, or perhaps none” because of the tax cuts’ potential impact on inflation.
— With Michelle Bowes
