by Sanjeev Sah | Dec 12, 2023 | Market Updates

Interest in buying residential property across state lines in Australia has risen in 2023, according to PropTrack.  

Specifically, 23% of property enquiries on realestate.com.au were from interstate buyers this year, a significant increase from 17% in 2022 and more than double the 11% recorded during the pandemic in 2020. 

South Australia saw the highest proportion of interest from interstate buyers, making up 29% of the state’s enquiries. Queensland and Western Australia followed closely, while New South Wales had the lowest share at 15%.

PropTrack economist Anne Flaherty said  NSW homeowners may have greater purchasing power in the other states after the median home price in Greater Sydney rose 31.7% from March 2020 to October 2023. 

While this mirrored the 31.2% growth in Australia’s combined capital cities, the actual dollar value increase was significantly higher due to differing property prices.  

“Furthermore, a resident of Greater Sydney who may be unable to afford to buy a home to live in, may instead look to get into the property market by buying an investment in a more affordable state as a so-called ‘rentvester’,” she said.