{"id":35327,"date":"2021-10-26T14:20:57","date_gmt":"2021-10-26T01:20:57","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=35327"},"modified":"2024-03-01T20:40:57","modified_gmt":"2024-03-01T07:40:57","slug":"cashed-up-foreign-buyers-still-seek-australian-property-but-are-they-really-to-blame-for-price-rises","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/cashed-up-foreign-buyers-still-seek-australian-property-but-are-they-really-to-blame-for-price-rises\/","title":{"rendered":"Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises?"},"content":{"rendered":"<p><strong>PHOTO: Jeremy Tran usually sells\u00a0properties to foreign buyers, but has pivoted towards first-home buyers during the pandemic.<cite class=\"_3gxdk _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__cite\">(<span class=\"_16znc _3rsys _1cBaI _3PhF6 _10YQT _2Cu8q\" data-component=\"Byline\"><span class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Text\">Supplied: Jeremy Tran<\/span><\/span>)<\/cite><\/strong><\/p>\n<p class=\"_1HzXw\">While COVID border closures hamper <a href=\"https:\/\/propertynoise.co.nz\/au\/?s=Australian+property&amp;submit=Search\">Australian property<\/a> sales to international buyers, many Australians still struggle to break into the market because of rising house prices.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/the-australian-property-market-feels-like-2017-again-when-sales-were-peaking-and-an-intervention-was-imminent\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2021\/07\/Auction.jpg?resize=460%2C270&amp;ssl=1\" alt=\"Australian property market\" width=\"460\" height=\"270\" data-src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2021\/07\/Auction.jpg?resize=460%2C270&amp;ssl=1\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/the-australian-property-market-feels-like-2017-again-when-sales-were-peaking-and-an-intervention-was-imminent\/\" rel=\"bookmark\">The Australian property market feels like 2017 again, when sales were peaking and an intervention was imminent<\/a><\/h2>\n<\/header>\n<\/div>\n<div class=\"_2X-83 g1U-R v-gc3\">\n<section class=\"_1uHEE _2Mryn\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\">\n<h2 class=\"wYJvU _1o1Da _1cBaI _18377 _2yZBa _3I3Xh _2uBSR _10YQT _1lh6E\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"_1PvbE\" role=\"list\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">CoreLogic data shows dwelling values rose\u00a020.3 per cent\u00a0over the year \u2014\u00a0the highest annual hike since 1989<\/li>\n<li class=\"\" data-component=\"ListItem\">A real estate agent says Australian properties give international buyers a sense of &#8220;certainty and security&#8221;<\/li>\n<li class=\"\" data-component=\"ListItem\">CoreLogic says international buyers&#8217; demand for Australian houses has dropped over the past six years<\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p class=\"_1HzXw\">Is this proof that overseas buyers are not to blame for the inflated dwelling costs in Australia?<\/p>\n<p class=\"_1HzXw\">It might come as a surprise to some, but the Foreign Investment Review Board&#8217;s latest survey shows that overseas buyers&#8217; purchasing activity has hit record lows, with residential real estate approvals for foreigners falling from 40,141 in 2015-16 to 7,056 this year.<\/p>\n<p class=\"_1HzXw\">And CoreLogic&#8217;s research director Tim Lawless says\u00a0foreign buyers have\u00a0comprised a consistently smaller portion of residential housing demand in Australia over the past five or six years.<\/p>\n<aside class=\"_2X-83 g1U-R _1VIKT\" data-component=\"Pullquote\">\n<blockquote class=\"_2Bzft\">\n<p class=\"_1HzXw\"><em><strong>&#8220;This group is now virtually immaterial as a contributor to demand for Australian housing,&#8221; he says.\u00a0<\/strong><\/em><\/p>\n<\/blockquote>\n<\/aside>\n<p class=\"_1HzXw\">However, for\u00a0some domestic buyers seeking a home in Australia is still not smooth sailing, with agents blatantly preferring foreign money.<\/p>\n<p class=\"_1HzXw\">Cam My Tran-Smith and her husband recently bought their first home in the Greater Sydney\u00a0suburb of Peakhurst,\u00a0but they missed out on so many properties that they &#8220;lost count.&#8221;<\/p>\n<p class=\"_1HzXw\">The couple inspected three to five properties every Saturday for a year before they made their purchase.<\/p>\n<p class=\"_1HzXw\">&#8220;We felt exhausted and wanted to give up at times because prices were bizarre.&#8221;<\/p>\n<p class=\"_1HzXw\">The latest statistics from CoreLogic show dwelling values in Australia have risen 20.3 per cent over the past 12 months \u2014 the highest annual appreciation since June 1989.<\/p>\n<figure class=\"_2XhY1 _2X-83 g1U-R _3V6uS\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"100566496\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/100566496\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"_1sqAO WIJbJ\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/1754639a9995e8782f6578cc9149a874?impolicy=wcms_crop_resize&amp;cropH=1024&amp;cropW=1536&amp;xPos=0&amp;yPos=298&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"A young Asian woman stands by a railing with the sydney opera house in the background.\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"100566496\" class=\"_1WKJ_ _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__figcaption\"><em><strong>Cam My Tran-Smith says some real estate agents neglected her family in favour of overseas buyers.\u00a0<cite class=\"_3gxdk _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__cite\">(<span class=\"_16znc _3rsys _1cBaI _3PhF6 _10YQT _2Cu8q\" data-component=\"Byline\"><span class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Text\">Supplied: Cam My Tran-Smith<\/span><\/span>)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n<p>READ MORE VIA<a href=\"https:\/\/www.abc.net.au\/news\/2021-10-26\/international-buyers-role-in-rising-property-prices\/100565494\"> ABC<\/a><\/p>\n<p>https:\/\/www.instagram.com\/p\/CU8f3NwojgA\/?utm_source=ig_web_copy_link<\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"Julia Roberts spends her Sydney quarantine at a 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\/><\/a>\n<div class=\"widgets-list-layout-links\"><a class=\"bump-view\" title=\"Property developer Barry Wang is suing a young real estate agent\" href=\"https:\/\/propertynoise.co.nz\/au\/property-developer-barry-wang-is-suing-a-young-real-estate-agent\/\" data-bump-view=\"tp\">Property developer Barry Wang is suing a young real estate agent<\/a><\/div>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: Jeremy Tran usually sells\u00a0properties to foreign buyers, but has<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/cashed-up-foreign-buyers-still-seek-australian-property-but-are-they-really-to-blame-for-price-rises\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":35328,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478103436,478099464,478112806,478118521,478098726,478098892,478100297,478108952,478098566,478098562,478118520,478098873,478098579,478098510,478098514,478098511,478098509],"class_list":["entry","author-data123nz","post-35327","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australian-houses","tag-australian-property","tag-australian-property-sales","tag-cam-my-tran-smith","tag-chinese-buyers","tag-corelogic","tag-corelogic-data","tag-covid-19","tag-first-home-buyers","tag-foreign-buyers","tag-jeremy-tran","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-real-estate","tag-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises? - Property News Australia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/propertynoise.co.nz\/au\/cashed-up-foreign-buyers-still-seek-australian-property-but-are-they-really-to-blame-for-price-rises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cashed-up foreign buyers still seek Australian property, but are they really to blame for price rises? - Property News Australia\" \/>\n<meta property=\"og:description\" content=\"PHOTO: Jeremy Tran usually sells\u00a0properties to foreign buyers, but hasRead More &rarr;\" \/>\n<meta property=\"og:url\" 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