North Lakes: One of Most Desirable Suburbs for NZ, US, & UK Home Buyers

Photo credit: Brooke Cagle/Unsplash

North Lakes appeared as one of the most searched suburbs by overseas home buyers of QLD properties such as coming from New Zealand, US, & the UK, according to realestate.com.au report.

Twelve-month data from July 2017 reveal that overseas property searches in Queensland have New Zealand as the top property hunters. Brisbane City emerged as the most searched suburb with 13,951 searches followed by Broadbeach with 9,898.

REA Group said that overseas home buyers would often check Brisbane properties first then widen their search to nearby suburbs. Such is the case of one overseas buyer who found their dream home in Aspley which he said is a place with great weather and affordable properties.

The top ten most searched suburbs are Brisbane City, Surfers Paradise, Noosa Heads, Broadbeach, Mooloolaba, Burleigh Heads, Southport, North Lakes, Caloundra, and Hope Island. Whilst UK and USA follow New Zealand, where most overseas property searchers originate.

Photo credit: Michael Glass / Unsplash

The REA Group said that European, American, and Canadian buyers are mostly drawn to Queensland’s beach and lifestyle destinations. Brisbane properties are what they would often check first, primarily because they are seeing better value for their money in Brisbane.

Rounding up the ten countries accounting for the most number of searches of the Queensland properties are Hong Kong, Philippines, Canada, Singapore, China, Japan, and South Africa.

According to the Australian Property Market Report for October from realestate.com.au, Brisbane continues to hold up well, despite tough financial conditions. Buyer demand, and rental demand and pricing are all in the green. Offshore buyer demand has seen a big increase which they attribute to the education sector and relative housing affordability.

The report says that Brisbane is gaining the confidence of the market with its better economic outlook and because of that, premium suburbs are benefiting with the subsequent rise in demand. Inner-north’s Grange and the outer south-east suburb of Chandler appeared as the top two in demand suburbs, according to the report.

Among Brisbane metro regions, East enjoys the most increase in demand year-on-year with 9.1%, followed by Brisbane Inner-city (8.2%) and North (5.0%). South and West saw declines in demand, however, year-on-year with -6.1% and -1.6% respectively.

The price growth is seen to continue over the next 12 months as Queensland economic growth will continue to propel the market.