Where will all our new migrants live?
New data shows overseas interest in Australian property has never been higher
2 min
Australia is in the midst of a migration surge with 715,000 net arrivals expected over the next two years alone, according to government forecasts.
While it is clear that Australia’s labour market is tight and many industries are in desperate need of more skilled workers, the challenge is how are we going to house all these new people?
Migrants’ typical path in terms of housing is to rent first, either close to their employment or in areas where there is an established community of fellow countrymen or family already living there. Property data house CoreLogic estimates it takes about five years for most migrants to buy a home. However, Australia is in the midst of a rental housing crisis, and this may be leading to more migrants buying a home immediately, thereby adding to demand and contributing to the somewhat surprising rate of home price rises this year, despite significantly higher interest rates.
“A significant lift in net overseas migration has run headlong into a lack of housing supply,” says CoreLogic research director Tim Lawless. Given the extraordinarily low rental vacancy rates across Australia today, Mr Lawless said “it’s reasonable to assume more people are fast tracking a purchasing decision simply because they can’t find rental accommodation.”
So, where will all our new migrants go?
New data from property advertising portal realestate.com.au (REA) provides some insight into where migrants are looking for their first home. By analysing page views among overseas site visitors over the past six-month period, REA can reveal which suburbs are capturing the most interest.
It’s worth noting that ‘overseas buyers’ is a broad category representing many different types of property purchasers, and the data does not distinguish between them. Some may be impending new arrivals such as families or international students. Some may be the parents of international students seeking to purchase a home for their child while studying here, and some may be expats researching the market ahead of their return home. The rest may be foreign investors seeking to invest capital. There has been a resurgence in foreign investment in 2023, particularly from China where the local property market is cooling as the economy enters a deflationary period.
REA senior data analyst Karen Dellow says interest in Australian property from overseas has never been higher. According to the data, Melbourne is the most searched location in Australia among overseas visitors to the REA site, followed by the Gold Coast, Brisbane CBD, and Sydney CBD. Also within the top 20 locations are Perth CBD and its inner suburbs, the Queensland Sunshine Coast, Adelaide CBD, and the premium Melbourne suburbs of Brighton, South Yarra, and Camberwell.
Historically, the top two locations for new arrivals have long been Melbourne and Sydney, but the data implies that Queensland is gaining more attention. Half the locations in the top 20 suburbs are in Melbourne and 25% are in Queensland.
The data also shows the suburbs gaining increasing interest from overseas buyers. Ms Dellow said searches for properties in Brunswick East, in inner Melbourne, have increased by 60%, closely followed by Carlton North. “Both suburbs have seen significant development in the past few years and are close to the University of Melbourne and the CBD,” Ms Dellow said. “Searches for Ashgrove in inner Brisbane have increased by 45%, and the Sunshine Coast’s Mooloolaba; and Burleigh Heads on the Gold Coast, have also become more popular.”
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
3 min
Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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