New data from the Australian Bureau of Statistics residential property price index shows Sydney’s housing prices soared by about 6% over the past half year.
However, at the same time property has become even cheaper for foreigners, as the Australian dollar has fallen.
This trend has prompted more foreign property buyers to hunt and grab cheaper real estate across the country, bringing stiffer competition with local investors.
Additionally, it’s Australia’s relatively high yields which are also attracting foreign buyers.
A recent special report by Propell National Valuers found foreign buyers account for less than 2% of all purchases and that Australian property prices are cheap compared to most cities in Asia.
It also found that most overseas buyers come from China, Canada and the USA.