Real estate foreign investment in Australia collapses
Foreign investors have abandoned the Australian real estate market en masse, new figures reveal, with economists now forecasting steeper house price falls and a Reserve Bank interest rate cut. The value of approved purchases of Australian housing by overseas investors has collapsed since the property price bubble burst in 2017, new data from the Foreign Investment Review Board shows.
Foreign investment plunged by 58 per cent year-on-year from $30 billion to $13 billion in the 2017/18 fiscal year - the lowest level in nearly a decade - FIRB found. The data shows foreign investor enthusiasm for Australian homes continuing to wane, following on from a 59 per cent plunge in foreign investment in 2016/17.