Foreign investment in Australian homes falls to 15-year low

NSW is ranked third for foreign investment, behind Victoria and Queensland.Property listingsForeign investment in Australian residential real estate fell to its lowest level in more than 15 years after the pandemic forced the closure of Australia’s borders last financial year.

The latest annual report from the Foreign Investment Review Board shows the sharp drop in residential investment by foreigners was offset by a surge in commercial real estate investment.There were 862 approvals for investment in commercial property totalling $82 billion in the 2020-21 financial year, more than double the $38.8 billion worth of commercial investment the year prior.

The annual report cites the drop in residential investment on tighter credit regulations in Australia, stricter capital transfers, as well as the 2017 reforms that saw increased state taxes and stamp duty on foreigners, and higher foreign investment application fees. Mr Ho credited the abundant new development properties for sale in Queensland for the rise in investment, coinciding with high construction costs and a lack of affordability in NSW.

Lucy_Macken Good!

Lucy_Macken About time .

Lucy_Macken Can we make 0%. Why are foreigners allowed to buy our properties. Stop it.

Lucy_Macken You can kiss the Chinese Market goodbye if assets can now be seized willy nilly like happened to the Russians. Noone who is on our future hit list will ever trust us with assets again..

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