Data from realestate.com.au has revealed that interest in Australian property from Hong Kong has doubled, in light of recent developments in the region.

Ever since the escalation of political unrest in June of last year, search activity for Australian real estate has increased by 34% year-on-year, which shows that a lot of people are looking to move and ex-pats are wanting to return home.

Searches skyrocketed after the Australian Government announced new and extended visa options for students and skilled workers from Hong Kong, including paths to permanent residency.

Searches were most common for inner-city apartments, especially the CBDs. And the price point was higher than most international searches. The typical price point for overseas buyers is around $750,000, but for Hong Kong residents that figure jumps to $1,000,000.

REA said “There are a lot of people wanting to get their money out of Hong Kong and relocate and Australia is a very safe economy. There is a low sovereign risk here whereas in Hong Kong there are a lot of unknowns.

“Australia looks comparatively safe to the rest of the world, including the US and the UK and that includes when it comes to how we have dealt with COVID-19.”