Biggest Foreign Investors Offshore buyers purchased $1.5 billion worth of Australian properties in the third quarter of 2023, according to newly released figures.
There were 1374 international purchases during the three months with Chinese-based buyers still the largest investors in Australia’s real estate, according to Federal Treasury figures.
It says more than 53% of the money spent on property during the quarter came from mainland China and Hong Kong combined.
Buyers from Hong Kong spent $100 million on real estate. Juwai Founder and Managing Director Daniel Ho predicts buying from China will pick up pace again soon.
He says the Chinese buyers were more focused on Victora and New South Wales.
“Victoria also attracts high-end buyers who like the premium single-family home suburbs like Toorak and the new penthouses that sell for tens of millions of dollars in buildings like Melbourne Square on Kavanagh Street in Southbank,” he says.
According to Ray White chief economist Nerida Conisbee, the number of buyers from India is also on the increase and is on track to be at record levels this financial year.
She says in one quarter approvals were already halfway to what was recorded in all of 2022.
