The ANZ-Property Council Survey for the March quarter has been released, which notes a rebounding of residential property sales to foreign (non-Australian resident) buyers, driven by NSW, QLD and SA:
As shown above, foreign buyers accounted for 21% of residential property sales nationally, with VIC (25%) and NSW (24%) most affected.
The survey is based on the views of more than 1,500 respondents – including, owners, developers, agents, managers, consultants and government – across all major industry sectors and regions.
One particular weakness of this survey is that it does not differentiate between foreign buyers of new and existing dwellings, the latter of which are more likely to be illegal given the foreign ownership rules largely preclude sales of existing dwellings to non-residents.
