Home buyers from China are stepping up their push for a slice of the Australian housing dream, racking up $3.4 billion worth of approved residential real estate purchases over the 2022-23 year, up more than 40 per cent on the previous year.

The Foreign Investment Review Board’s June quarter report, released on Friday afternoon, shows the Chinese appetite for residential real estate is accelerating, with 826 approvals granted in the June quarter alone, worth $1.1 billion.