Sydney property lures cash-rich foreign buyers
Cash-rich foreign buyers are snapping up premium homes across some of Sydney's most desirable areas, it has been reported.
Recent figures from the federal government's Foreign Investment Review Board, which were collected during the worst of the global financial crisis in 2008-09, show that foreign investors acquired $23.4 billion worth of Australian real estate assets including 3,639 new and existing homes during the period.
According to the Daily Telegraph, such buying activity has served to cement Sydney's position as the fourth most popular city for international investment in the world, with foreign investors driving property demand in the CBD, North Shore and Eastern Suburbs.
"We see a lot of interest from Singapore, Hong Kong, Tokyo and the UK," Real Estate Buyers Association of Australia president Byron Rose told the newspaper.
"They know the market is depressed – they are making huge capital gains and are reinvesting into the market."
Aussie consumers aiming to get a foothold in the property market could choose to compare home loans in search of the best deals. It was reported earlier this week that Australia's leading non-bank lenders are seeing a three-fold increase in home loan inquiries after all of the "big four" banks opted to lift interest rates above the Reserve Bank's official hike earlier this month.
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