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Foreign buyers even hungrier: NAB

By James Mitchell
16 October 2014 | 1 minute read
Moneymoney

Foreign buyer demand for new properties increased during the third quarter, while demand for existing homes also edged higher.

The NAB Residential Property Survey: Q3 2014 found that foreign buyers accounted for 16.8 per cent of total demand for new developments.

NAB expects demand to increase further next year to 17.3 per cent.

Foreign buyers were more active in all states, especially Victoria where they accounted for an estimated 24.8 per cent of demand.

In contrast, local investors were less active in Q3, with their share of national demand falling to 27 per cent from 32.5 per cent in Q2.

The report found local investors accounted for a smaller share of demand in all states.

Released yesterday, the NAB survey found foreign buyers were slightly more active in established property markets in Q3, with their share of total national demand rising to 8.2 per cent from 7.2 per cent in Q2.

Foreign buyer demand for established property increased in all states except NSW.

Victoria led the way, with foreigners accounting for a record high 11.5 per cent of established property demand.

Ausin Group, an Australian financial services company that provides property services, immigration support and mortgages, expects to double its volume of home loans to overseas buyers next year.

“In the last year we have written about $250 million in loans,” Ausin Group chief executive Joseph Zaja told Real Estate Business' sister title, Mortgage Business. “Next calendar year we are on track to write $500 million.”

Approximately 70 per cent of all loans written through the group are for mainland Chinese investors, while the rest are for owner occupiers who have gained permanent residency.

Apartment sales are popular with investors, while house and land packages are preferred by owner occupiers, Mr Zaja said, adding that LVRs are typically much lower for overseas buyers than local investors.

Foreign buyers even hungrier: NAB
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.