The top end of town just keeps getting stronger, if table 1 is any indication.
The Covid19 pandemic, along with the current monetary, fiscal and tax settings in Australia, have been kind to those who own property and especially many in the baby boomer cohort.
Many of these wealthy baby boomers are looking for a better housing solution.
Table 2 shows that there are some 200,000 millionaires currently living in Australia, with 3,200 of them worth over an estimated $US30 million.
But it isn’t just the domestic market that is active at the top end of town, overseas buyer interest is on the increase too. This can be seen by the lift in the proportion of international apartment buyers over the last twelve months. Many of these ‘overseas’ buyers are expats, keen to come home once restrictions are lifted. See table 3.
This really isn’t that surprising given the relative value of top end housing downunder when compared to overseas. Table 4 clearly shows this differential.
I expect a continuation of the recent overseas buyer trends, if not a heightened level of overseas buyer interest from expats and other overseas residents who view Australia has a ‘bolt-hold’ against future potential pandemics.