Overseas buyers set sights on surprising market

Overseas buyers set sights on surprising market

Magnifying glass
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Tasmania is about to experience a surge in foreign investment in residential real estate, according to a respected property survey.

Respondents to the quarterly ANZ/Property Council survey forecast that foreign investors would be responsible for 13.8 per cent of residential purchases in Tasmania in the March 2016 quarter.

That compares to just 2.8 per cent in June 2015, 4 per cent in September 2015 and 2.8 per cent in December 2015.

Victoria is tipped to receive the most foreign investment, with 27.6 per cent, which would be a reduction on the 30.1 per cent figure for the December 2015 quarter.

NSW is likely to be close behind, with forecasts showing its foreign investment share will climb from 24.8 per cent in December 2015 to 27.1 per cent in March 2016.

Queensland is forecast to fall from 19 per cent to 18 per cent, while South Australia is forecast to fall from 18.9 per cent to 13.3 per cent.

Western Australia is expected to experience a quarterly increase, from 11.9 per cent to 12.6 per cent, while the ACT will move the other way, from 14 per cent to 10.7 per cent.

Throughout Australia, foreign investors are forecast to make 21.9 per cent of residential purchases in the March 2016 quarter.

That compares to 22.4 per cent in June 2015, 22.4 per cent in September 2015 and 22.3 per cent in December 2015.

[Related: Property market turns in Tasmania’s favour]

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