Oz in $21 billion bonanza

Oz in $21 billion bonanza

Tuesday, May 20, 2008

New figures show just how important foreign investors are to Australia's real estate market…

According to the Real Estate Institute of Australia Real, property in Australia attracted $21.4 billion worth of foreign investment during 2007.

Property accounted for 14 per cent of all the foreign investment dollars drawn to Australia during that financial year, making it the fourth-largest target for foreign monies.

Singaporeans were the biggest foreign investors, purchasing $3.4 billion worth of Australian property. The United States was second with $3.3 billion, following by the United Kingdom at $2.6 billion and Germany at $1.3 billion.

The Foreign Investment Review Board approved 5514 proposals for the purchase of residential property, totalling $13.4 billion, and 98 proposals for the purchase of commercial property, totalling $8 billion.

New South Wales and Queensland were the main targets of foreign money, representing 45 per cent of total investment.

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