PHOTO: Australia remains a hotspot for foreign investors
New findings have suggested that Australia remains a hotspot for foreign investors, with buyer activity continuing to increase.
According to NAB’s Q2 2020 Residential Property Survey, the quarter saw higher activity from foreign buyers in comparison to Q1.
In Victoria, this saw foreign buyers account for 19.3 per cent of new home market share — its highest level in three years.
“The latest NAB Australian Residential Property Survey shows that in Q2, higher activity from foreign buyers supported the market,” said Juwai IQI executive chairman Georg Chmiel, commenting on the results.
“In Victoria, the share of new property sales to foreign buyers jumped to 19.3 per cent. That means that one in five of new homes sold in the state was purchased by a foreign buyer. The average foreign buyer share of new property purchases in New South Wales is 9.1 per cent. The average foreign buyer share of new property purchases in Queensland is 6.4 per cent. The average foreign buyer share of new property purchases in Western Australia is 6.3 per cent.”
Mr Chmiel said Chinese buyers made 40.1 per cent more inquiries on Australian real estate in the second quarter than in the first. This, he said, was still 14.9 per cent below the levels of a year earlier, “which happened to be exceptionally high”.
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