Foreign investors have kept a watchful eye on Australia’s property market during weeks of Covid-19 shutdown with a series of apartment projects in demand across Sydney.
According to REA Group, Australia’s residential property sector has remained high on the radar of foreign investors, with Asian buyers increasingly searching for stable markets and top-end development projects amid the fast-evolving Covid-19 pandemic.
The country’s largest real estate portal found that in the three months to end of June, newly-launched and recently completed development projects across a number Sydney’s most affluent suburbs topped its search results.
It also noted that international searches for property across its platform jumped 22 per cent year-on-year, bolstered by virtual and video inspections in the wake of the international border closure.
High-rise developments such as Crown Group’s recently-completed $575 million Infinity project, Cbus Property’s under construction Epping project The Langston and Meriton’s 553-apartment project in Parramatta, were amongst the most-viewed products online.
Boutique developments also scored the attention of REA’s international audience, with planned projects in revered locations such as Edgecliff and the waterfront suburb of Coogee in focus.
Australia over recent months has been widely recognised on the international stage as being successful in containing the coronavirus outbreak, despite recent clusters emerging in Sydney and Melbourne.
Although still low, Sydney’s residential market has also been buoyed by a recent uptick in home-buyer sentiment across the June quarter, after restrictions started to ease.