Foreign buyers flock to Australian cities for its resilient economy and good trade relation
Thanks to Australia’s resilient economy and good trade relations with other countries, it’s become a great destination for foreign investors and buyers. The country offers a wide variety of investment options in a large number of different industries. Some of the reasons why Australia is a popular choice among foreign investors include:
- Australia’s property market has shown consistent growth. Even during the Global Financial Crisis of 2007-2008, Australian property prices continued to increase, unlike the property prices in the UK and the USA which went down.
- Australia has less restrictive foreign investment laws compared to the laws in other countries.
- Australia is a beautiful country and has very little political or economic instability.
Below are the top 5 Australian cities foreign buyers have been keeping an eye on:
1. Melbourne
Many people consider Melbourne to be the cultural capital of Australia. The city is filled with diverse neighbourhoods and people that come from all over the world. The multicultural city has lively nightlife, art museums, music festivals, and World Heritage Sites. Melbourne has strong government support and is undoubtedly the best city for foreign buyers.
2. Sydney
Sydney is Australia’s business capital and one of the best investment destinations for foreign buyers. There are over 600 multinational companies in New South Wales. Sydney has a high cost of living, but it also has cheap public transport and over 100 beaches, and thanks to its successful economy, it’s a great destination for people who want to settle in Australia.
3. Brisbane
Brisbane is governed by the largest municipal council in all of Australia. It might not have over 600 multinational companies like Sydney, but it’s still an attractive investment option for foreign buyers. It has a stable and supportive business environment and it’s much more affordable than both Sydney and Melbourne. Many expats prefer suburbs like Paddington, but if you prefer to live a quiet life surrounded by nature, then Morayfield would be a better option for you.
4. Perth
Perth is known for its beautiful parks and warm weather. Some people like Perth for the cultural attractions it offers, while other people (mostly families) are attracted to the city for its good schools. The only downside is that it’s secluded and the nearest Australian city is three hours away by plane.
5. Gold Coast
Gold Coast is one of Australia’s rural paradises. In 2020, Gold Coast had the highest number of overseas searches for property in Australia. The city is home to all major industries and it has shown that it will only continue to grow in the future. With a Health and Knowledge Precinct, a Cultural Precinct, and three state-of-the-art universities, Gold Coast has emerged as one of the best destinations for foreign buyers.
In conclusion, Australia is politically and economically stable which makes it a great destination for people who want to invest in properties. Despite the pandemic, Australia’s property market continues to thrive, with Melbourne being the favourite city of foreign buyers. Some other cities that foreign buyers have been eyeing are Sydney, Brisbane, Perth, and Gold Coast. If you’re someone who has been thinking about getting into the Australian property market, then these are the cities you should be keeping an eye on!
