00:00The latest data is from the Australian Taxation Office and the Foreign Investment Review Board.
00:07And what it's showing us is the past financial year that transactions both in terms of number
00:14and volume increased in terms of foreign buyers.
00:17So you saw almost $5 billion worth of transactions in the past financial year.
00:23Now that's up from $3.9 billion a year earlier.
00:27It's important to remember that this is just a fraction of the total transactions that
00:32go on in Australia every year.
00:34So over the past financial year, we saw more than $407 billion worth of transactions in
00:41residential real estate.
00:42So the foreign buyers are just about 1% of that.
00:46However, there has been an increase in interest from foreign buyers.
00:49So you're seeing more people from China, Hong Kong, and India looking to buy here.
00:55There are two types of foreign buyers that they're seeing come to the market.
00:58I've been speaking to real estate agents about it.
01:01They said the first category is your sort of investors, your more businessmen, your
01:06Chinese billionaires even who are buying luxury apartments in Sydney and Melbourne.
01:11And then you have another category of buyers who want to send their kids here to work,
01:17to study, to live here, to set up lives here.
01:20And so they're buying with a view to moving here in the future.
01:23So I'm currently in the southeastern suburb of Glen Waverley in Melbourne.
01:28This is where there's a lot of already Chinese, Indians, Sri Lankans that have established
01:34communities here.
01:35And behind me, there's a newly built property that is being targeted to foreign buyers.
01:40Now the price points here are quite high.
01:43So you're talking well over a million, getting closer to the $2 million mark.
01:47But it is the lifestyle that they're seeking.
01:50And that's why they're moving here.
01:53Learn more at www.plastics-car.com
Comments