The latest figures published by Treasury’s Foreign Investment Review Board (FIRB) on Tuesday, covering the first three months of the financial year, show 1123 purchases totalling $1.3 billion were approved between July 1 and September 30.
China was the largest source by value for approved residential real estate investment with $400 million, followed by Hong Kong, Taiwan, Vietnam and Indonesia, each with $100 million.
Foreign investors are generally limited to buying new homes. Picture: Julian Andrews
Daniel Ho, co-founder and group managing director of Chinese property portal Juwai IQI, said with the “political uncertainty” in the US, “Australia looks like a much friendlier country”.
“They are purchasing for their children who they expect to attend school in Australia, or for themselves in advance of obtaining permanent residency,” Mr Ho said in a statement.
“China’s slower economy is behind some of these transactions. Parents see their children struggling in hyper-competitive schools for too few university places, and then they see that the job market after they graduate with a degree won’t be great.
“High school students in China may spend 65 to 77 hours a week studying, including school hours and homework, and some parents would rather their children have a more Australian-style childhood. They want their children to also have friends, to do sports, to learn to swim.”
（Source:Juwai IQI）
