New findings have suggested that Australia remains a hotspot for foreign investors, with buyer activity continuing to increase.
According to NAB’s Residential Property Survey, the June Quarter saw higher activity from foreign buyers compared to the March quarter. “The latest NAB Australian Residential Property Survey shows that in Q2, higher activity from foreign buyers supported the market,” says Juwai IQI executive chairman Georg Chmiel.
“In Victoria, the share of new property sales to foreign buyers jumped to 19.3%, the highest level on three years. That means one in five 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%, while it’s 6.4% in Queensland and 6.3% in Western Australia.”
Chmiel says Chinese buyers made 40% more inquiries on Australian real estate in the second quarter than in the first. “Chinese demand for Australian real estate was surprisingly strong in the second quarter, especially if you consider the context of a global pandemic, travel bans and lockdowns,” he says. There is expected to be growing interest from Hong Kong residents, following the recent law changes imposed by the Chinese government.