Overseas buyers continue to purchase Australian real estate, with figures indicating that foreign buyers purchased more Australian property in financial year 2022/2023 compared to financial year 2021/2022.
The majority of buyers are from China, Hong Kong, and India. Figures from the ATO show that 5000+ real estate purchases were made equating to a total of $4.9 billion during financial year 2022/2023.
Most of these purchases have been made in East Coast Australian states - Victoria, New South Wales, and Queensland.
While many of these buyers are investors, a growing number are being purchased by families for their children, who may wish to work and study in Australia, with the ultimate goal of migrating here.
Check out the following article at ABC News for further information - https://www.abc.net.au/news/2024-06-27/foreign-buyers-china-hk-india-want-australian-property-housing/104024004.