The newly released annual report by Australia’s Foreign Investment Review Board shows a significant drop in foreign applications to invest in Australian property.
One surprise trend is that Queensland, accounting for 21 per cent of investment approvals, has risen in the popularity stakes to now rank second behind Victoria’s 37 per cent. Traditional front runner New South Wales slumped to third place with just 17 per cent of investment approvals, prompting Juwai IQI co-founder and group managing director Daniel Ho to ponder: “Is Queensland becoming the new first state of Australia at the expense of New South Wales?”
“It is now harder to finance a purchase in Australia, foreign buyer stamp duties are still high, and foreign investment application fees are higher than before,” he said.
Still, Ho believes Australia remains “very attractive” to foreign buyers.
Read more: South China Morning Post
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