With uncertainty over Brexit set to last another six months, UK residents’ interest in Australian homes is growing.
So what does this mean for our property market?
The family and cultural ties between the UK and Australia are long and enduring – and UK residents continue to want to live here with net migration of more than 10,000 people in 2017.
On realestate.com.au we can clearly see that Australia’s desirability for people in the UK has jumped significantly over the past 12 months.
The number of searches in Australia from UK property seekers has increased 16%. In Brisbane, the increase has been well over 50%.
Top Aussie suburbs with British buyers
UK property seekers love the beach, and all the better if it’s an iconic one with a strong international brand. Topping the list is Manly, followed by Byron Bay and Fremantle.
And while high levels of search activity do not necessarily mean people will move there, many of these suburbs have high proportions of UK-born residents.
The combination of beach, family and friends appears to be driving search activity, and ultimately the locations UK born residents tend to settle.
At a suburb level, UK residents are picking iconic beachside suburbs. However, the biggest increases in search activity are in our smaller capital cities: Brisbane, Perth and Adelaide.
Hobart, while small, has seen a decline with perhaps the weather too similar to the UK to make it attractive. The big jumps in these areas perhaps reflects relative affordability in these areas compared to Sydney and Melbourne.
Commercial property is already a winner
While residential property in Australia will be a winner if these property searchers from the UK turn to sales activity, we are already seeing commercial property doing well from the drawn out Brexit negotiations.
Global property investors seeking political stability continue to be active in Australia. Which shows that we may complain about our own political situation, but compared to Brexit, Australia is very much looking like a safe haven.