Chinese now the largest foreign buyers of Australian real estate
Chinese are now Australia’s largest foreign property buyers, pushing the USA out of 1st place according to the Foreign Investment Review Board (FIRB).Foreign Chinese property investors spent $12.4 billion on Australian property in 2013-14 up from 2012-13 when foreign Chinese spent $5.9 billion on Australian real estate according to the FIRB.
China’s total approved investment in Australia last financial year was $27.7 billion, while the US were approved to invest $17.5 billion. Canada is Australia’s third largest foreign investor with $15.4 billion of investment whilst Malaysia was the forth largest with $7.2 billion of investment.
The foreign property buyers focused on new dwellings, spending $16.4 billion on off the plan apartments up from $5.7 billion.
The foreign spend on existing homes jumped almost $2 billion to $7.17 billion last financial year.
Investment in commercial real estate also increased from $34.8 billion to $39.9 billion.
Investments in real estate accounted for almost half China’s total Australian investment, with its $12.4 billion approved investment more than twice the amount of the Americans on real estate.
The FIRB figures tally approved investment rather than actual investment.
Melbourne in Victoria, Australia is a hotspot for foreign property buyers
Melbourne has become a hotspot for foreign investment. Foreign investment in Australian residential property doubled in the last financial year and with most investment occurring in Victoria.Victoria saw more than 10,000 approvals granted to foreign investors, according to the Foreign Investment Review Board annual report.
Interest from overseas buyers is creating price growth in some segments of Australia’s real estate market.
Glen Waverley, Mt Waverley and other suburbs in the Monash City Council area, such as Notting Hill in Melbourne are hot spots for Chinese buyers, ranking as the most popular suburbs in Australia on a Chinese property portal. The Monash area is also a very popular area with local Chinese which make up the majority of the market.
More generally, Melbourne is rated as one of the world’s top cities for Chinese buyers, according to a luxury real estate website and was the only Australian city to make the top 20 global destinations searched by Chinese buyers on propgoluxury.com
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