FOREIGN investors got the green light to double their stake in new residential development in Victoria last financial year, new analysis reveals.
The Residential Development Council estimates foreign buyers were given approval to buy $9.3 billion worth of new property, up from $4.22 billion.
However, the property research group’s executive director, Nick Proud, said not all approvals translated to sales and the figures were more a reflection of growing overseas interest in Victorian property.
The council’s estimates are based on the Foreign Investment Review Board March data covering a range of developments from single to multi-unit dwellings.
“What we are seeing with the doubling of the approvals is the doubling of the interest in residential real estate in Victoria in one year,” he said.
He said the numbers were especially skewed by figures for off-the-plan approvals, with permission to sell to foreign buyers counted regardless of whether the sales were made.