Highrise Harry bawls as foreign property demand falls

The ANZ-Property Council Survey for the March quarter has been released, which revealed a sharp reduction in residential property sales to foreign (non-Australian resident) buyers, with everywhere but South Australia posting declines:

As shown above, foreign buyers accounted for 16% of residential property sales nationally, with sales highest in VIC (21%) and NSW (18%).

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.

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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.