RESIDENTIAL PROPERTY
FOREIGN investment in Australian real estate is up 27%, after overseas buyers spent $4.9 billion on residential dwellings over the financial year...
According to the ATO’s report on foreign purchases of residential real estate for the 2022–23 financial year, the number of transactions compared to the previous year was...
At the same time, overseas purchases significantly eclipsed sales, with 1,119. Homes sold for a total value of $1.0 billion...
“The 27% increase in buying last year shows that overseas buyers were bouncing back after the travel slowdown during the pandemic,” said Daniel Ho, co-founder and managing director at...
“Meanwhile, the number of buyers in Queensland and Victoria jumped. The number of buyers in Queensland climbed 17%, while the number of buyers in Victoria jumped 32%, by...
“One fifth, or 1,169, of all the buyers were millionaire buyers purchasing property worth at least $1 million. Foreign buyers paid an average price of $914,000, which is just...
Ho also highlighted that NSW was still attracting more millionaire buyers than Queensland, with 284 luxury properties bought in NSW over the year compared to Queensland’s 200...
While Victoria still saw the greatest volume of prestige buyers, with 569 overseas buyers purchasing a property worth more than $1 million...
This comes as industry bodies are warn the NSW Government’s plans for property taxes, including changes to foreign investor surcharges and...
“None of the buyers whose transactions are in the report had Australian permanent residency or citizenship at the time. In many cases, these buyers paid 7% or 8% of ...
“There is a significant wave of post-Covid migration as people act on plans they had to put on hold during the pandemic. We also see it in Southeast Asian countries like Thailand...