The latest NAB Residential Property Survey of industry professionals shows that foreign demand for new Australian homes jumped in the September quarter of 2021, however demand for existing homes remained near record lows:
Specifically, property professionals estimate that that the share of total sales to foreign buyers lifted to 4.4% for new properties (their highest share since Q3 2020 and up from a survey low of 2.3% in the prior quarter), and to 2.2% for established homes (up from a survey low 2.0% the previous quarter):
Both series, however, remains well below the highs experienced mid last decade.
Across the major markets, foreign demand for new housing is highest in Victoria (5.6%) and Queensland (5.0%), followed by NSW (3.9%) and WA (1.5%):
Victoria (2.8%) also leads foreign buyer demand for established dwellings, followed by WA (2.6%), NSW (2.3%) and Queensland (2.2%):
I expect foreign buyer demand to pick-up once Australia’s international border is reopened and immigration is rebooted.
Australia also has the weakest anti-money laundering laws in the developed world, making it a magnet for offshore dirty money.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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And then there’s the foreign buyers using a local “rat hole” to appear as a local (Wolf of Wall Street lingo)
So those of us in Melbourne locked down for 18 months to be completely fk’d over by this country’s elite.
FK them all straight to FK’n he’ll!
A fresh video by Friendly Jordies (a master piece) illustrates best the corruption of die Lumpen Nazional Partei:
https://www.youtube.com/watch?v=iKO1lxfzQA4
Who else is gonna buy my neighbours house for $8M?
https://www.realestate.com.au/property-house-vic-warrandyte+south-137473234
We need Johnny Foreigners with cash to splash.
Fk me! What does your neighbour do?
Honestly have no idea, he’s a couple of streets away from me, I’m on a fraction of that land size. But I have often walked past the place, had no idea it was that expensive, a couple of other houses nearby have been selling for vast sums of money. Definitely a pocket for those with money.
Certainly makes the port of Darwin sale look like a bargain.
Shame about the old iron fence in the middle of the lounge!
No good to me without the ocean nearby, sure is a nice property though. I’d be happy in a ocean side tin shack but probable couldn’t handle joining the permanent van campers at N Curly though.
Keen eye for detail Zulu, Van Gogh had that affliction.
10 acres, a developer can fit a lot of dog boxes on 10 acres.
I hope we don’t get dog boxes out here. That’s why I came here. And I think it’s why others are buying here.
Rush to get money out of China before the system collapses. Plus nobody will be wanting to buy Chinese property, and smart people will be cashing up their Chinese property while they still can, so all that money is now being diverted to international markets.
I honestly think the latest run up in $BTC is to hide money outside of banks because if there is a liquidity crunch then you want to be outside the regular financial system as a hedge against bail in’s, bank runs, currency devaluation etc.. which I suspect could be coming if China’s economy implodes via Evergrande.
Yes, they will find a way to get money out, crypto likely the easiest despite ban
not so much via Evergrande ( first domino) but certainly because of it. The waiting for bargains in the Ever, et al collapse is stopping the masses buying which is accelerating the price falls.
Anecdotal only.
Large several day on line auctions several weeks ago.
Friend of friend type situation who happened to be a developer bidding in the approx 3 million range, Qland.
Lots of South Korean bidders, property marketed at around 3 went north of 5 million.
Chairman Xi’s purge is seeing private wealth flow out of Hong Kong on a massive scale.