Foreign investors pull out of Australia’s property market

PHOTO: NAB

A few years ago, Victoria was a hot market for foreign investors.

At its peak, one in three purchases of new property in the state were from overseas buyers. Now it is one in seven, according to NAB’s latest Residential Property Survey.

In NSW they peaked at one in five, falling today to one in 20.

“Part of that is the cycle, in other words, there’s a limit to the number of apartments they can build,” NAB chief economist Alan Oster told SBS News.

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