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Most property pundits agree that all of this foreign interest is having an impact on the local property market.
A recent survey of property analysts at Australia’s biggest banks and property development companies blamed foreign investment as the main driver of high property prices in our capital cities.
According to the Australian Property Institute’s bi-annual Property Directions Survey, 96 per cent of analysts said foreign investment was a “significant to very significant” driver of increased prices in the Sydney market.
Furthermore, foreign demand for new homes surged in the September quarter alone, according to the National Australia Bank’s residential property survey
The report revealed overseas buyers accounted for almost 17 per cent of total demand for new properties, and in Victoria they accounted for almost 25 per cent.
More @ The New Daily
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