The Australian Bureau of Statistics (ABS) has admitted that it is somewhat in the dark when it comes to trends and figures surrounding foreign property investment in the nation, because it does not collect this data itself.
The official organisation said that it kept abreast of new happenings in the sector by simply looking at reports and news articles relating to the subject in other news outlets.
ABS assistant statistician Paul Mahoney admitted at a government inquiry into foreign property investment that the data they acquired from reading news was "patchy at best".
"We do scan press reports and real estate specialist magazines to try to identify purchases," Mr Mahoney told the inquiry.
"But I'd have to say that is a bit hit and miss."
Foreign investment has been a big talking point lately, so it seems likely that in the future, the ABS will be required to collect more data to allow it to develop a better picture of how the market works overall.
Posted by Craig Francis
The official organisation said that it kept abreast of new happenings in the sector by simply looking at reports and news articles relating to the subject in other news outlets.
ABS assistant statistician Paul Mahoney admitted at a government inquiry into foreign property investment that the data they acquired from reading news was "patchy at best".
"We do scan press reports and real estate specialist magazines to try to identify purchases," Mr Mahoney told the inquiry.
"But I'd have to say that is a bit hit and miss."
Foreign investment has been a big talking point lately, so it seems likely that in the future, the ABS will be required to collect more data to allow it to develop a better picture of how the market works overall.
Posted by Craig Francis
