The cost of Australian property and land bought by foreign investors last year has been revealed.
Foreign investors bought some AUS$14.9 billion-worth (£8.6 billion) of Australian property and land last year, it has been reported.
According to the Sunday Telegraph, the figures were released in a Foreign Investment Review Board report posted online last week.
The document suggested that some 4,827 Australian property approvals to foreign investors were issued last year.
Around half of these were for temporary residents looking to buy an Australian house as their main residence, the news provider said.
Victoria was the most sought-after state, followed by Queensland and New South Wales.
The rules on foreigners buying Australian property have been tightened in recent months in a bid to make it easier for Australians to join the market.
Prime minister Kevin Rudd said he did not want to see local, working families, especially first-time buyers, priced out of Australian homes.
The rules had been relaxed 18 months previously.
Posted by Steve Douglas
Foreign investors bought some AUS$14.9 billion-worth (£8.6 billion) of Australian property and land last year, it has been reported.
According to the Sunday Telegraph, the figures were released in a Foreign Investment Review Board report posted online last week.
The document suggested that some 4,827 Australian property approvals to foreign investors were issued last year.
Around half of these were for temporary residents looking to buy an Australian house as their main residence, the news provider said.
Victoria was the most sought-after state, followed by Queensland and New South Wales.
The rules on foreigners buying Australian property have been tightened in recent months in a bid to make it easier for Australians to join the market.
Prime minister Kevin Rudd said he did not want to see local, working families, especially first-time buyers, priced out of Australian homes.
The rules had been relaxed 18 months previously.
Posted by Steve Douglas
