One area of Sydney has recorded a doubling of searches for overseas rental properties as the number of migrants continues to rise.
PropTrack's latest international search report shows rental searches in the city's south-west have increased by 111 per cent in the past six months, making it the largest increase of any city region across Australia.
The South West, including areas such as Liverpool and Fairfield, remains one of Sydney's most affordable rental markets.
The Sydney suburbs of Zetland and Randwick also made it into the top 20 most popular searches for interested overseas renters.
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Prop Track revealed that searches for real estate overseas have skyrocketed since this time last year.
The Gosford, Tamarama and Byron Bay areas were also popular destinations for international rental searches, recording the biggest increase over the past six months.
According to PropTrack data, Sydney as a whole is ranked second as Australia's travel destination after Melbourne among overseas renters.
PropTrack revealed that overseas property searches are on the rise as the resurgence of immigration surpasses pre-pandemic levels.
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Among buyers, Sydney CBD ranked as the fourth most searched location.
PropTrack has recorded an increase in international searches since last year, with searches for purchases up 11.5% and searches for rentals up 7.8% in the past three months alone.
The increase coincides with Australia recording its highest level of international and migrant workers since January 2020, with an average of 265,000 new workers added each month over the past six months, according to Proptrack. It has arrived.
The influx of international students has coincided with an increase in searches for rental properties, with Sydney ranking second in international searches.
Our closest neighbor, New Zealand, had the most searches, with searches for rent up 38% compared to the same time last year.
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A quarter of international buy and rent searches were from New Zealand.
Last September saw an increase in rental searches, particularly in China and the UK, with rental searches from China almost double what they were before the pandemic.
Sydney CBD has the highest number of international searches
Searches for purchases increased year-on-year, with a 36.9 percent increase in China and a 15.54 percent increase in the UK.
Interest from some countries, including Hong Kong, Singapore and India, decreased year-on-year.
Despite an overall increase in international real estate searches, international real estate searches only account for 3% of all purchase searches and 5% of all rental searches.
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