- Less than 10% of interstate buyers are inspecting properties in Sydney, turning their attention to Queensland instead
- Likely driven by the rising cost of living in Sydney, with the city recently named the 10th most expensive in the world
- Digital inspections continue to help real estate agents tap into interstate and international interest
The glittering Sydney harbour has lost popularity points among interstate buyers to coastal destinations in Queensland, after the city was ranked the tenth most expensive in the world.
A new report by virtual inspections platform Little Hinges revealed that one in three digital inspections undertaken during November were by interstate buyers.
The Little Hinges Sight Unseen Report analysed over 30,000 digital inspections for the month and found properties in Sydney to garner significantly less interstate attention.
Less than 10% of Australian buyers are inspecting properties in Sydney from interstate, in comparison to the 35% and 45% interested in the Sunshine Coast and Gold Coast respectively.
Brisbane is also regaining popularity after a decline earlier in the year with close to 1 in 5 inspections now arising from interstate.
Queensland the new place to be
Brisbane West Inner Realty director Kathleen Luck has seen the shift herself and said more buyers from NSW and Victoria are showing interest in Brisbane and its surrounds.
“We’re seeing a significant increase in interest from buyers in the southern states over the last 2 years, particularly those who want to buy sight unseen,” she said.
Ms Luck works firsthand with digital inspection tools, recently using it to help a Victorian family of four purchase in Queensland.
“Integrating digital inspections into our marketing suite gave this buyer the confidence that the property on the website was as close to reality as possible, and when they arrived to see their home for the first time on settlement day, they couldn’t have been happier,” she said.
“We want to continue to tap into interstate buyers, which is a no-brainer considering the large numbers of people who want to move to Queensland.”
Kathleen Luck, Brisbane West Inner Realty
Queensland remains the state with the highest proportion of interstate buyers undertaking digital inspections.
“We’re not only seeing big numbers of interstate inspections, but places like the Gold Coast are also seeing close to double digit inspection percentages from international buyers,” explained Little Hinges CMO Mike York.
Buyers from New Zealand, the United States and the UK are generating the most interest in Australian property, though Melbourne leads the way among international buyers with 9% of inspections from overseas.
According to Little Hinges, the rising cost of living in Sydney is a major driving force in the decline in interest.
Buyers are instead opting for the more affordable alternative of Queensland, particularly as housing values in regional areas of the Gold Coast and Sunshine Coast have fallen.
All cities except Sydney ultimately saw an increase in the number of virtual inspections undertaken during November.
