NAB has released its Q2 residential property survey, which showed that the share of foreign buyers of established homes inched down to 3.7% in Q2 (from 3.8% in Q1):
NAB also showed that the market share of foreign buyers in new Australian housing moderated in Q2 to 8.9% after rising recently:
The following chart from Justin Fabo at Antipodean Macro plots the rise in foreign buyer demand in new properties against high-rise residential approvals:
Unlike the boom in the second half of last decade, there has been no uplift in high-rise approvals from the rise in foreign buyer demand.
Indeed, annual high-rise approvals have collapsed to decade lows across NSW, Victoria, and Australia:
The Albanese government’s target to build 1.2 million homes over five years hinges on having a record boom in apartment construction.
However, foreign buyers appear to be providing little stimulus to construction this time around.
