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Foreign investment in Australian real estate has jumped by three-quarters in 2014/15, to a record $60.75billion.
Australia’s apartment sector could see a dropping off in demand in 2016, says leading global agent, Knight Frank.
Hollywood star Hugh Jackman and wife Deborra-Lee Furness sold their luxury apartment in Melbourne CBD, Australia quietly. Public documents showed that Jackman couples owned this for nearly 20 years.
New foreign-investment rules could lead to civil penalties and fees being imposed on property investors who are not Australian citizens.
Over a third of affluent Asians own an investment property overseas according to HSBC, with Australia ranked as one of the top destinations.
Foreign developers made up about 30 per cent of the Australian market last year, and China took up 9 per cent of that – an increase over previous years.