A return of migrants and international students is putting further strain on the rental market.
PropTrack’s Overseas Search Report reveals searches on realestate.com.au from overseas increased by 23% in June compared with the same time last year.
Rental searches accounted for 71% of the overseas activity during June, while 7% of searches were for properties for sale.
Searches from China jumped a massive 432% during June, India is up 197 %, and Hong Kong is up by 100%.
PropTrack economist Angus Moore believes the current increase in searching activity is from migrants and students, not expats.
“When we look at ABS data, we are starting to see migrants come back,” he says.
“It’s nowhere near what we were seeing pre-pandemic but there are signs it’s returning.
“If we think about the composition of temporary migrants in Australia, it’s largely students, working holidaymakers and, to some extent, temporary work visas. Most of those people are going to be looking for rentals.”