samantha.landy@news.com.au

APPROVED FOREIGN PROPERTY INVESTMENT IN VICTORIA 2015-16

*Residential only

New dwellings: 10,281 worth $6.87 billion

Existing property: 2499 worth $3.34 billion

Redevelopment: 564 worth $1.1 billion

Vacant land: 4109 worth $1.47 billion

Developer (including new dwelling exemption certificate approvals): 72 worth $15.28 billion

Total: 17,525 approvals worth $28.06 billion

TOP FOREIGN BUYERS OF AUSTRALIAN PROPERTY 2015-16

*Residential and commercial

China: $31.912 billion

US: $8.206 billion

Singapore: $4.56 billion

United Arab Emirates: $3.597 billion

Canada: $3.18 billion

Total: $122.112

THE RULES

• Foreigners generally need to gain government approval before purchasing residential land in Australia

• The government’s policy is to channel foreign investment into new dwellings and vacant land, as this “creates jobs in the construction industry and helps support economic growth”

• Non-resident foreigners are therefore generally prohibited from buying established homes, but temporary residents can apply to purchase one established dwelling to live in while residing in Australia

 

Source: Foreign Investment Review Board annual report 2015-16   Hero Image: Mark Stewart