15 percent of sales in Melbourne are getting snapped up by foreign buyers. Melbourne has never seen the market like this before where foreign countries are heavily involved in purchasing established properties as in the past have mainly purchased off the plan.
Based on the Residential Property Survey the tougher restrictions on foreign buyers has done very little as the sales have increased by 11 percent from the last quarter.
Not only have the international buyer increased their purchasing of established properties but they are still in the market for new properties. From July to September the sales have increased by 18% from the three months prior.
An economist mentioned that the international buyers have increased their investments across the country but was more noticeable in New South Wales.