NAB’s Q2 2021 survey of residential property professionals, released yesterday, reveals that the share of Australian homes sold to foreign buyers has fallen to its lowest level since records began in 2010, at only 2.3% of new home sales and 2.0% of established home sales:
The share of new and established homes sold to foreign buyers has hit its lowest level on record.
All major states experienced falling foreign demand for new homes over Q2:
New home demand down across the board.
Across the established home market, foreign buyer demand fell sharply in NSW over Q2, but rose across the other major jurisdictions:
Mixed picture in Q2.
The booming foreign demand witnessed 5-6 years ago is a distant memory and is unlikely to be repeated anytime soon.
The closed international border and deteriorating relationship with China should continue to suppress foreign buyer demand.
