Fears about their impact on the Australian property market have been prevalent for some months, but it appears that foreign investors are now starting to slow down their rate of buying in the nation as more Australians manage to get themselves onto the ladder.
According to the latest survey from the National Australia Bank (NAB), foreign investment in property fell to 10.2 per cent of all purchases in the second quarter of 2014.
This was a significant drop from the 13.9 per cent that was witnessed in the first quarter of the year, and marked the lowest level for more than two years, the NAB said, which should ease concerns that foreign buyers are pushing prices up.
“There are now clear signs that the momentum in the dwelling market has eased,” the NAB said in a report.
“NAB expects average capital city house prices to cool further over the next two years towards more sustainable levels.”
Posted by Ravin Chatlani
According to the latest survey from the National Australia Bank (NAB), foreign investment in property fell to 10.2 per cent of all purchases in the second quarter of 2014.
This was a significant drop from the 13.9 per cent that was witnessed in the first quarter of the year, and marked the lowest level for more than two years, the NAB said, which should ease concerns that foreign buyers are pushing prices up.
“There are now clear signs that the momentum in the dwelling market has eased,” the NAB said in a report.
“NAB expects average capital city house prices to cool further over the next two years towards more sustainable levels.”
Posted by Ravin Chatlani
