Foreign investors have been buying up properties on Australian shores for some time now, and this trend is continuing in 2014 despite the high-rating Aussie dollar.
The Foreign Investment Review Board’s (FIRB) annual report states that overseas property investment amounted to $34.6 billion, a twenty-three per cent share of the total foreign investment for the last financial year. Investment in residential properties made up $20.9 billion, a considerable increase from the two years prior, coinciding with changes in investment review guidelines.
Foreign investors also poured another $6.9 billion into the development of residential properties around the country. In the past 24-36 months, Chinese investors have spent at least $7.5 billion Australian Dollars on new residential development sites. That’s more than $10 million AUD per Day.