Fresh figures from the Foreign Investment Review Board have revealed that approvals in the real estate sector increased from 23,428 in FY2014 to 37,347 in FY2015, a rise of 59%.
Most of the increase related to new dwellings, especially high-rise units. The FIRM report says the results spring from government attempts to channel foreign investment into new properties to increase supply.
Charles Pittar, CEO of Chinese international property website Juwai.com, said Chinese are more likely to buy off-the-plan and give developers the reassurance they need to start construction. He says the figures show that claims Chinese investment was declining were badly informed.
“Australia is the second most popular country for Chinese buyers, after the USA and ahead of Canada and the UK,” he said.