By Robert Carry
Increasing numbers of overseas property investors are buying into Australia’s residential sector despite the current strength of the dollar.
According to the Brisbane Times, real estate agents are reporting a rise in the foreign investors bidding at auctions across the country.
John Bongiorno, director of Marshall White & Co, in Melbourne said foreign buyers were now accounting for as much as 15% of property purchases with most coming from mainland China.
He continued, “We have people who fly in on a Saturday morning for auctions and will fly out the same day. They'll just arrive in Melbourne specifically for the auction.”
Bongiorno added that the influx was helping to push up both property prices and clearance rates at auction.