Overseas buyers have spent a whopping $5.3 billion on Australian homes in just nine months, new Federal Treasury figures show.
More than 4,700 homes were purchased by foreign investors across Australia in the first three financial quarters of 2023.
Of those, 1,955 homes, worth $2.5 billion, were bought by Chinese investors, while Hong Kong buyers paid around $300 million for 400 of them.
Buyers from Vietnam bought 259 Australian homes during the period, while Taiwanese buyers got 272 properties.
The Ministry of Finance’s register has not yet released the figures for the last three months of 2023, but the trend of high spending by foreign investors is expected to continue.
Overseas buyers have spent a whopping $5.3 billion on Australian homes in just nine months, new Federal Treasury figures show. John Symond’s harborside mansion (pictured) is for sale for $200 million
Isabelle Lucas (pictured), from buyers agency Cohen Handler, says Sydney’s consistently rising house prices make it a good place for foreign buyers to invest
One of the Hong Kong buyers paid about $17 million for the Lavender Bay mansion owned by Rugby Australia chairman Hamish McLennan and his wife Lucinda in Sydney’s lower north shore.
The shocking figures have been released just as Aussie Home Loans founder John Symond has put his Wingadal mansion up for sale.
The luxury Sydney Harbor property is expected to fetch $200 million and could be the next Australian property to fall into foreign hands.
However, Cameron Kusher of PropTrack Economic Research said those looking to get on the first rung of the property ladder will not be affected by the overseas sales as most of them are buying very expensive and expensive homes.
He said the properties they are buying are “out of the reach of first home buyers”.
A Hong Kong buyer paid about $17 million for the Lavender Bay mansion (pictured), owned by Rugby Australia chairman Hamish McLennan and his wife Lucinda on Sydney’s north shore
“Australia is a popular destination for international investors, but these foreign buyers have no influence on the market,” Kusher told the newspaper. Daily telegram.
Isabelle Lucas from buyers agency Cohen Handler said Sydney’s consistently rising house prices made it a good place for foreign buyers to invest.
She said Sydney has a “very attractive lifestyle” and access to renowned schools is also a factor.
“Proximity to good private schools is certainly a trend we’re seeing with international buyers at the moment, and that’s something we’ve been honing especially in the eastern suburbs,” she said.