Chinese buyers remain the dominant force in Australian real estate market, new report shows
There is an overwhelming overseas force when it comes to Australian real estate, with one country leading the way. SEE THE LIST.
“If you thought Chinese buyers had disappeared, the numbers show you’re mistaken”.
That’s the takeaway from leading Chinese property website group Juwai IQI’s co-founder Daniel Ho on the Foreign Investment Review Board’s first quarterly report.
“No one buys more Aussie residential real estate than buyers from China,” Mr Ho said.
“Mainland China and Hong Kong together account for five times more money approved for investment in Australian houses and apartments as the next-highest country, Vietnam.
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“When you calculate it by the number of investments made instead of value, mainland China and Hong Kong account for more than seven times the number of approved residential real estate investments as the next-ranked country.”
Mr Ho said the USA was “by far” the largest foreign investor in Australia’s economy, but was not even in the top 10 for residential real estate.
Melbourne, Sydney, Brisbane, Perth and the Gold Coast were the top five cities for Chinese buyers, according to Juwai’s own data, followed by Canberra and Adelaide at six and seven.
The new FIRB report covers July 1-September 30.
“In this quarter, China was the largest source country for residential real estate investment proposals by number and value ($1bn), as it was in 2021-22 and 2020-21,” the report states.
“The next two sources of investment were Hong Kong ($200m) and Vietnam ($100m).
Singapore, India, Taiwan, Malaysia, Indonesia, Nepal, and the United Kingdom rounded out the top 10.
The new quarterly report comes after evaluation found regular performance reporting would improve the transparency of foreign investment regulation in Australia.
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Originally published as Chinese buyers remain the dominant force in Australian real estate market, new report shows