According to the latest reports, interest from Indian buyers in Australian real estate has surged, with Melbourne properties witnessing a 23% increase in searches in October 2024 compared to the same period last year, according to PropTrack’s latest Overseas Search Report. This uptick highlights Melbourne’s growing appeal to international buyers, particularly those seeking affordable, family-friendly homes.
Melbourne’s Growth Corridors Lead the Charge
Melbourne’s outer suburbs, especially Tarneit and Point Cook, are emerging as hotspots for Indian families. These areas offer a range of homes priced around $600,000, appealing to budget-conscious buyers looking for proximity to schools and family-oriented communities. The increasing interest is supported by data from the Foreign Investment Review Board (FIRB), which shows Indian buyers accounted for 550 property transactions in the 2023-2024 financial year, collectively worth nearly $400 million. Overall, international buyers spent $6.6 billion on Australian real estate during this period.
What Attracts Indian Buyers?
Melbourne’s multicultural neighbourhoods, excellent school system, and affordable property options make it a standout destination for Indian buyers. The city’s eastern suburbs, such as Glen Waverley, are particularly popular among affluent Indian families willing to invest between $2 million and $6 million in homes.
The key preferences of Indian buyers are families and prioritise safe neighbourhoods, homes with backyards, and proximity to quality schools. As noted, suburbs like Glen Waverley, renowned for its excellent schools and family-oriented atmosphere, have become a focal point for these buyers.
The Bigger Picture: Other Key Players
While Indian buyers are making waves, interest from the United States, New Zealand, and China continues to shape the Australian property market. Each group brings unique preferences and timing influenced by external factors.
For example, PropTrack senior analyst Karen Dellow noted, “Searches from China often spike with the influx of students at the start of school terms, while U.S. interest varies with political events.” Melbourne remains the top Australian city searched by international buyers, with high-profile suburbs like Toorak, South Yarra, and Brighton maintaining their allure for affluent buyers. Properties in these areas typically range in price from $1.69 million to $4.7 million.
Sustained International Interest
The growing Indian interest in Melbourne’s property market is a testament to the strengthening cultural and economic ties between India and Australia. This trend is expected to continue as Australia expands its skilled migration programs and investment opportunities. The Australian government has been actively encouraging immigration to address workforce shortages, and Indian families are seizing the opportunity to settle in liveable and affordable locations.
“Melbourne combines affordability, liveability, and opportunity, making it an ideal destination for Indian families aiming to improve their quality of life.” – Rebecca Moroney
A Broader Appeal
Melbourne’s overall appeal as a global city cannot be understated. It offers a high standard of living, a strong job market, and a thriving multicultural community. These factors contribute to sustained interest not only from Indian buyers but also from international investors across the board.
As Australia’s property market continues to evolve, experts predict that international interest will remain a significant driver of growth. For Indian families, Melbourne represents more than just a real estate investment, it’s a chance to build a new life in a vibrant, welcoming environment.
References:
- PropTrack Overseas Search Report, October 2024.
- Foreign Investment Review Board (FIRB) Annual Report, 2023-2024.
- Analysis by Karen Dellow, Senior Analyst, PropTrack.
