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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
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.<\/p>","protected":false},"excerpt":{"rendered":"
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