After a downturn during the pandemic, foreign buyers are back. People from countries including China, Hong Kong and India have bought almost 5-billion-dollars in property in the past year. While some are investors, there is a growing number of families overseas who are buying homes for their children to study and work in Australia.
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TVTranscript
00:00Anthony Sin always knew he wanted to set up life in Australia.
00:06He's not yet a permanent resident, but he's already bought his first home with financial
00:11support from his family in Macau.
00:13Chinese parents are really willing to help out, especially if the kids are willing to
00:19explore new areas or new countries.
00:24Buyers from China, Hong Kong and India top the list of foreign buyers, but there are
00:28limits on what non-residents can purchase.
00:32Foreigners made up around only 1% of more than $400 billion of purchases in Australia
00:38in the past financial year.
00:40I hear it all the time that to fix housing affordability we need to ban foreign buyers.
00:45That is completely overblown.
00:48The fact is rules around foreign investment are fairly strict.
00:52It comes with a lot of additional fees.
00:55Real estate agents say some of those purchasing are investors who have cash to splash on luxury
01:00apartments in Melbourne and Sydney.
01:03We recently sold a $4 million penthouse on Collins Street to a prominent Thai person.
01:08So there are a lot of different buyers coming from all over Asia and I can say that a lot
01:13of these people are very powerful in the business space.
01:16Real estate agents also report an increasing number of foreign buyers are looking to buy
01:21newly built homes in inner suburban areas.
01:25But the price tag in capital cities is now well over a million dollars.
01:29A lot of the foreign buyers are coming to Australia because the Australian economy is
01:34quite stable.
01:35It is considered to be on a global scale quite a safe economy to be in, quite a safe political
01:41environment as well.
01:42So a lot of families are wanting to come and set themselves up here.
01:45It seems the great Australian dream is one that many overseas buyers are now chasing
01:50too.