Chinese buying Australian real estate tops foreign investment, report says
Chinese buyers of new homes in Sydney and Melbourne dominated foreign investment in Australia last year, the Foreign Investment Review Board annual report says.
The $55 billion increase in all approved foreign investment in Australia, to $248 billion, was “predominantly driven by increased investment in the real estate sector”, FIRB chairman Brian Wilson wrote in the report released on Tuesday.
China was the largest source of foreign investment ($47.3 billion), of which $31.9 billion was investment in real estate.
The large number of applications for FIRB approval in 2015-16 (41,445) were “largely driven by residential real estate transactions”, Mr Wilson wrote.
Chinese buyers won approval for 30,611 applications.
Source: http://www.smh.com.au/national/
Author: Kirsty Needham. May 9, 2017