Domain.com's latest data analysis today (24th) pointed out that Australia's overall property market attracted A$1 billion more than last year, and the volume of housing transactions in Queensland grew rapidly, reaching twice that of New South Wales.
According to the Australian Taxation Office's annual report, Queensland recorded 1,212 foreign property purchases in 2022-2023, a significant increase from 956 the previous year. New South Wales recorded 656 transactions in the same year, only a slight increase from 644 the previous year.
Foreign buyers spent a total of A$4.9 billion in 5,360 transactions in 2022-2023, an increase of A$1 billion from 4,228 transactions the previous year. Victoria saw the highest number of foreign purchases of new homes, established homes, and vacant land, with 2,240 transactions, a significant increase from 1,703 in 2021-2022. Transactions in these three states accounted for 74.91% of all foreign buyer transactions.
Weak construction sector impacts new building transactions
Most property transactions were for properties valued at under $1 million, and fewer new homes were purchased last financial year than the year before, falling to 49.31 from 52.11 in the previous year, a drop closely tied to weakness in the construction sector.
Chinese buyers account for the majority of residential investment, far exceeding those in Hong Kong and other countries
Chinese buyers dominate residential investment, while US investors dominate commercial real estate. According to the federal government's latest Foreign Investment Review Board report, Chinese buyers were approved for purchases worth A$800 million in the first three months of this year. They were followed by Hong Kong, India, Vietnam, and Taiwan, each with approvals of around A$100 million.
Chinese