New figures show many overseas investors are opting to purchase property rather than focus on Australia's mining projects.
Data from the Foreign Investment Review Board (FIRB) shows a substantial increase in foreign investments in real estate but a decline in mining investment.
There has been a 12.6 per cent fall in mining investment in 2012/13. However, this has been offset by overseas interest in real estate, with foreign buyers acquiring $5.5 billion of property.
Canberra-based director of Sunrise Property Richard Grainger telling Xinhua that Australian property was proving the same as gold in terms of providing a global investment option.
He added the FIRB data shows the sales are mainly in major capitals and on Sydney's inner west and northern shores.
"It's such a solid, reliable, high-return investment that provides a tactile, joyful return, beyond dollars," said Mr Grainger.
New research from Credit Suisse estimates that Chinese buyers currently account for 18 per cent of new property purchases in Sydney and 14 per cent in Melbourne.
Posted by Craig Francis.
