Post-pandemic demand for Australian housing softens

Michael Bleby and Tom McIlroy

Jun 21, 2024 – 5.45pm

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Overseas interest in Australian residential real estate softened in the six months to December, according to new Treasury figures of Foreign Investment Review Board applications, suggesting the post-pandemic recovery in transaction activity is on the wane.

Approved housing purchases by overseas buyers softened to 2954 in the first half of FY24 from 3196 in the same period a year earlier, as sales to buyers from China, Hong Kong, Vietnam, Singapore, Indonesia, South Africa and the UK fell below half of their previous year’s total, the FIRB figures show.

Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne.

Tom McIlroy was the Financial Review’s Canberra bureau chief.