Overseas property market stalls as buyers refuse to purchase until the borders open

PHOTO: Virtual inspections have not been enough to entice some overseas buyers who would like to purchase property in Australia.

Australia’s international buyer market has, in effect, gone in to hiatus as reports emerge that some overseas buyers are refusing to purchase anything without getting into the country to see a property in person first.

Despite an increase in inquiries from overseas buyers keen to capitalise on Australia’s cheap dollar and to secure property in a country that has handled the coronavirus pandemic admirably, agents say it is the site unseen factor that is holding buyers back.

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And with international travel restrictions in place due to the coronavirus crisis, it could be up to 18 months before the market returns to anywhere near full activity.

Fletchers Real Estate Canterbury director and auctioneer Tim Heavyside said the local market was on hold.

“Numbers across the board are right down, including international buyers,” Mr Heavyside told Domain. “There’s a hindrance on sales as buyers from overseas aren’t able to see properties.”