Foreign buyers abandon Aussie property

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From the latest NAB Residential Property Survey comes some welcome news:

The influence of foreign buyers in Australian property markets continued to lessen according to surveyed property professionals, suggesting that tighter conditions imposed on foreign buyers is still having an impact.

In Q3, foreign buyers accounted for 10.2% of all new property purchases (10.4% in Q2) – the lowest level since mid-2012.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.