https://www.macrobusiness.com.au/2024/05/foreign-raiders-buy-up-australian-homes...Foreign raiders buy up Australian homes
Leith van Onselen
Tuesday, 7 May 2024
According to new data released by the Federal Treasury, foreign investors purchased over 4700 properties in the first three quarters of 2023 valued at 5.3 billion:

Chinese investors led the way, purchasing 1955 homes worth an estimate $2.5 billion in value.
Simon Cohen, the founder of Australia’s largest residential property buyer’s agency Cohen Handler, noted that international investors rush to Sydney in droves because: “It isn’t just a beautiful city with prime real estate, it is a city with evidence of incredible investment returns”.
“Sydney is the perfect place for overseas buyers to park their money”.
“(But) some international buyers are offering millions over the market value and that affects the market in a bad way”, he said.
A fortnight ago, Domain reported on “Sydney’s run of ridiculously expensive secret sales” to Chinese buyers.
“Still with Sydney’s run of ridiculously expensive secret sales, the Killara home of oncologist Dr Sally Baron-Hay and Jamie Woodhill, of the Patrick stevedores founding family, has sold off-market for $15 million to little-known cash buyer Qiuqin Li”.