Foreign investment in Australian real estate plunges by 83%
Foreign investment in Australian residential real estate has plummeted by 83 per cent in the last two financial years.
The boom was sky-high in the 2015-16 financial year with $72.4 billion in foreign currency flooding into the real estate market. This fell to $25.2 billion in 2016-17 and plunged again last financial year to $12.6 billion.
The dramatic drop has been attributed to taxes introduced by the government, stricter lending, and more controls on funds leaving countries such as China.
Despite the overall numbers being down China still leads the world in investment in the Australian real estate sector.