UNLIKE last year, local buyers reign supreme in this market.
Interstate buyers have dropped now that border restrictions and lockdowns have become a thing of the past. And international sight unseen purchases have stayed below two per cent since the border re-opened. This may be due to lockdowns in China and international or expat buyers renting and taking their time to pull the trigger on a purchase.
Almost 88 per cent of all auction buyers this year have been local, showing the tree and sea-change trend is almost coming to an end in many areas of Australia. The Gold Coast has traditionally always been strong with interstate buyers, particularly investors; the region is currently still leading the way with almost 25 per cent of auction sales going to cross border buyers.
Last year, Adelaide and Brisbane were also identified as prime cities for interstate buyers. Many from Melbourne and Sydney were eager to escape lockdown and move to the sunshine state or city of churches. While both cities experienced high levels of growth over the pandemic, they both represented more bang for your buck when coming from larger capital cities and a more idyllic lifestyle. Interstate auction buyers have now dropped to below 10 per cent in Adelaide while in Brisbane the number is just above 12 per cent. This number has dropped in comparison to last year’s recorded figures.
In January, interstate buyers at auction made up less than three per cent of Melbourne purchasers and barely made the board in Sydney with only a few interstate buyer sales. This has stayed steady in Melbourne but it has risen slightly in Sydney - not a significant jump but perhaps the beginnings of people moving back into the city.
Despite there being only a small number of international auction buyers, Brisbane and Sydney were their top choices, beating out Melbourne and Adelaide marginally. For example, on Saturday a newly renovated Stafford home sold to a young family bidding over the phone from France. The property sold for $1.43 million through Ray White Wilston agent Alistair Macmillan with the international couple claiming the keys against 16 other registered bidders.
