Foreign property buyers have forgotten Australia

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:

Foreign buyers of Aussie property

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:

Foreign buyer demand for new homes

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:

Foreign demand for established homes

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.

Unconventional Economist
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Comments

  1. Doesn’t Australia have restrictions on what Foreigners can buy or is that just one of those “rules” that is fake, i.e. nudge nudge wink wink see nothing…..?

  2. They haven’t “forgotten Australia”.

    They just avoid the 6% foreigner tax by buying through a local trust or company.

  3. TailorTrashMEMBER

    Poor monika …ones heart goes out to her …
    ( but I’ll bet she is still doing very well )

  4. The Rona is the gift that keeps on giving. Though Gary above makes a good point.