PHOTO: China’s foreign investors have abandoned the Australian property market in droves. Photo: Glenn Hunt
China’s foreign investors have abandoned the Australian property market in droves, replaced by a surge in the number of buyers from the US.
US investment in Australian real estate soared to $19.5 billion in the 2018-19 financial year, more than three times what it was the year prior, followed by a jump in Canadian investment from $2.1 billion to $13.3 billion.
As North America’s investment has grown, investment levels from China halved in a year from $12.6 billion to $6 billion last financial year, ranking it fifth largest source country for real estate investment behind Singapore and Hong Kong.
“The reduction in proposed investment applications, by value, from China reflects an ongoing downward trend in the value of Chinese investment from its peak in 2015-16,” said Foreign Investment Review Board chairman David Irvine in the annual report, tabled in Parliament on Thursday.
“This can be attributed to a range of factors such as China’s internal domestic policy settings, including increased scrutiny of outbound investment and stricter capital controls.”
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