Top Aussie location for foreign property buyers revealed
Queensland has cemented its position as a paradise for foreign real estate investors, as $1 billion more than the year before was sunk overall into Aussie residential property.
New buyer data shows the sunshine state attracted double the deals than New South Wales for the second year in a row.
Queensland registered 1212 foreign purchase transactions in 2022-2023, compared to 956 the previous financial year, the annual Australian Taxation Office report shows.
In NSW, foreign buyers snapped up 656 properties in 2022-2023 against 664 in the 12 months prior.
The total spent by overseas buyers was $4.9 billion across 5360 transactions for 2022-2023. This is $1 billion more than the year before (reaped from 4228 transactions), the ATO reveals.
Victoria clocked the greatest amount of foreign property purchases for all types – new homes, established homes and vacant land. The total of 2240 was well ahead of the 2021-2022 stat of 1703 properties.
The three states account for 74.9 per cent of all property transactions by overseas buyers.
“Across Australia, purchase transactions increased by 26.8 per cent,” the Register of Foreign Ownership of Residential Land Report said.
“Of the 5,360 purchase transactions in 2022–23, 164 registrants became a permanent resident or gained Australian citizenship during the year and are included in these statistics. ”
The majority of property transactions were for addresses under $1 million and fewer brand new homes were bought in the last financial year than the year before (49.3 per cent versus 52.1 per cent), hand-in-glove with the sluggish construction sector.
Chinese buyers dominate the landscape of residential investment but most of the money for commercial investment in Australia is from the United States.
Chinese buyers were approved for $0.8 billion of purchases over the three months to March this year, the federal government’s latest Foreign Investment Review Board report shows.
Hong Kong, India, Vietnam and Taiwan all followed with $0.1 billion in rubber-stamped spend. The report counts purchases which were approved, but not necessarily transacted.
Luxury homes for sale right now in Queensland
A prominent Australian family commissioned architect Kerry Hill to design Hayman House, on the Great Barrier Reef.
Known as Eagle’s Nest, the property in the Noosa hinterland is an “experience” and a “masterpiece”, the listing says.
The waterfront stunner has been enjoyed by the same owner for almost 30 years.
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