As house sales slump and construction slows in Australia, many there are now looking for housing opportunities in New Zealand.
"Given the recent changes here, looking outside of Australia is definitely something a lot of people my age are quite interested in", Parthiv Subramanian, a property investor in Australia told 1News, adding he'd also potentially start looking at options in Aotearoa.
He's not alone.
New figures from realestate.co.nz show the number of Australia-based property seekers grew 190% in August, year-on-year.
Revealed: The staggering surge in Australian interest in NZ property - Watch on TVNZ+
That surge started in May, reaching 163%, according to the data, which is when the Australian Government announced it would scrap some tax breaks.
"They changed very materially the negative gearing and capital gains tax settings, which has made the landscape for property investment here in Australia very attractive for investors for more than a quarter of a century", Jacob Caine from the Real Estate Institute of Australia told 1News.
It was all part of efforts to improve housing affordability and make it easier for first home buyers.
But those in New Zealand's property sector say it's pushed investors into looking at New Zealand.
"We can definitely see them searching for properties, but they're actually also enquiring which means questions and enquiries are going through to real estate agents in New Zealand," Sarah Wood from realestate.co.nz said.
She told 1News the lack of a capital gains tax in New Zealand is just one of the appealing factors.
"There's also quite a positive shift for the Australians in terms of our exchange rate as well, and that will be creating interest in our market from an investment standpoint", she said.
The figures show the most interest from Sydney, up 121.3%.
But Perth and Brisbane users are the most engaged, saving more properties and coming back more often.
Within New Zealand, it's Auckland, Central Otago and Canterbury getting the attention, three regions where supply's actually been building.
"I think for a vendor selling in New Zealand, more interest is always a good thing. I do think in New Zealand we still have a large amount of homes for sale, so there's plenty of choice for New Zealand buyers as well as a few Australians coming in as well" Wood said.
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