Expat buyers turn to buyers' agents to purchase property

author-avatar By on September 09, 2021
Expat buyers turn to buyers' agents to purchase property

As property prices rise but new arrivals fall, many expats have enlisted the help of buyers' agents to purchase property in Australia.

A new release from buyers' agency network BuyersBuyers revealed why overseas buyers are turning to buyers' agents to purchase property.

According to the release, factors like restricted travel and lack of new stock have made buying property in Australia increasingly difficult for expats, which has led many to turn to buyers' agents for help.

Pete Wargent, Co-Founder of BuyersBuyers, said that 80% of the offshore buyer demand has been for property in Sydney and Melbourne.

"A primary driver of this has simply been the rebound in housing prices which began to rise again towards the end of 2020," Mr Wargent said.

With the median house price sitting at over $1 million in both Sydney and Melbourne, Mr Wargent said that this has left expats fearing they will lose their opportunity to "gain a foothold in the Australian housing market."

Travel restrictions leave buying property 'risky'

With new arrivals 'a fraction' of what they normally would be, it is now 'impossible' for expats to travel in and out of the country.

Consequently, buyers are left with no choice but to buy property without seeing it, which is 'risky', or to enlist professional help in the buying process.

Mr Wargent said that many expats currently live in higher-density developments in Asia, and a 'race for space' is driving the housing market shift to detached houses.

"While Australia is generally seen to be an expensive country, many expats are based in some of the world's most expensive cities for real estate, such as New York, London, Singapore, or Hong Kong," he said.

"As such, expats with an open mind can buy a detached house in parts of Australia for the equivalent price of a unit or flat in their current location."


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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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