According to the latest data from PropTrack, rental property searches in the southwest region of Sydney have increased by 111% over the past six months, making it one of the fastest-growing city regions in Australia.

This region includes areas such as Liverpool and Fairfield, which continue to be among the most affordable rental markets in Sydney.

Suburbs like Zetland and Randwick are also among the top 20 areas preferred by international renters. Additionally, regions such as Gosford, Tamarama, and Byron Bay have seen considerable growth in the past six months.

PropTrack data also indicates that Sydney ranks second in popularity among international renters, trailing only Melbourne. With the recovery in the number of immigrants, there has been a subsequent increase in overseas real estate search activity. In terms of buyers, the search volume for the Sydney Central Business District ranks fourth.

According to PropTrack records, international search volumes have continued to increase since last year, with a growth of 11.5% in property purchase searches and 7.8% in rental property searches in the last three months alone. This growth coincides with Australia reaching its highest level of international students and migrant workers since January 2020, with an average of 265,000 new immigrants arriving in Australia each month over the past six months.

The report also highlights a significant increase in rental property searches from New Zealand, with a year-on-year increase of 38%. One-fourth of international property purchase and rental searches originate from New Zealand.

Furthermore, rental property search volumes from China and the UK have also shown noticeable increases, with China's rental property searches almost doubling compared to pre-pandemic levels. In terms of property purchase searches, China has seen growth of 36.9%, while the UK has seen growth of 15.54%. However, search volumes from countries such as Hong Kong, Singapore, and India have experienced declines.

Despite the overall rise in overseas search volumes, international real estate searches account for only 3% of the total purchase search volume and 5% of the total rental search volume. This suggests that there is still significant room for growth in interest among overseas property buyers and renters in the Sydney area.