According to recent data from the Australian Taxation Office (ATO), foreign buyers acquired 5,360 residential properties in Australia during the 2022–2023 financial year. The total transaction value reached $4.9 billion, significantly exceeding the previous year’s figures of 4,228 purchases worth $3.9 billion. The average purchase price was $914,000.
Real estate experts predict sustained interest from foreign buyers in the coming years.
Anthony Sin, a young buyer from Macau, shared that he had always dreamed of living in Australia. Despite lacking permanent residency, he was able to purchase a home with financial support from his family.
“Chinese parents are often willing to help, especially when their children want to explore new regions or countries,” he told ABC News.
Last year, Anthony bought a house in Canberra, where property was cheaper than in Sydney. He now works as a real estate agent in Sydney and hopes to purchase a townhouse there in the future.
Most foreign buyers hail from China, Hong Kong, and India. While many are investors, families are increasingly purchasing homes for children studying or working in Australia, with plans to secure permanent residency.
According to ATO, 78.2% of the 5,360 purchases in 2022–2023 were for properties priced under $1 million. However, foreign buyers accounted for only about 1% of the overall real estate market, valued at over $407 billion during the same period.
Eliza Owen, Head of Research at CoreLogic, notes that Australia maintains strict rules for foreign property purchases.
“We often hear that restricting foreign investment will improve housing affordability, but that’s not accurate,” she stated.
Ms. Owen highlighted that in 2022–2023, when foreign investment volume rose, national housing prices actually dropped by 2%.
Real estate agents report a surge in demand for luxury properties.
Michael Christie, CEO of Christie & Co Property Group, shared that his clientele includes affluent buyers from China, Hong Kong, and Thailand.
“Recently, we sold a penthouse in Melbourne for $4 million to a prominent Thai entrepreneur,” he said.
His firm is currently marketing a Melbourne apartment priced at $7.5 million, which has drawn interest from international businesspeople.
According to Ray White agent Lee Kelepouris, Australia remains appealing to foreign buyers due to its stable economy and political climate.
“Many families view Australia as a safe place for both living and investing,” he noted.
Buyers often bring cash proceeds from overseas property sales or seek financing options.
Agents and analysts believe foreign demand for Australian real estate will remain strong.
“A housing shortage and the influx of international students and families will continue to support the market,” concluded Michael Christie.
For many, Australia is not just a place to live but an investment in their families’ futures.