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Renewed interest from international buyers is expected to continue to drive new home sales, now that international borders have reopened.
While new home sales have been strong in the past two years as a result of financial stimulus measures such as the HomeBuilder scheme, developers are already reporting a return of international buyers.
Nathan Blackburne of Cedar Woods told The Australian that 14% of the inquiry they received in the past month came from overseas, with interest from Britain, NZ, Malaysia, China and Hong Kong.
“Pent-up demand from overseas buyers who wanted to come here and work or study is coming through following the lifting of restrictions,” he says.
“By June, we expect the data to show a strong upswing in overseas buyer numbers.”
He predicts overseas buyers, who have been effectively locked out for two years, will move faster to buy in the coming years.
Population forecasts predict overseas migration will return to pre-pandemic levels within the next two to three years.
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