Foreign Buying of Australian Homes Climbs to Record, UBS Says
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Australia approved a record A$24.9 billion ($23 billion) of home purchases by foreign buyers in the nine months to March 31, a 93 percent jump from the same period a year earlier, UBS AG said.
Overseas investment in housing in Australia is now 13 percent of total turnover, compared with a trend of 8 percent, UBS economists Scott Haslem and George Tharenou wrote in a report dated June 27. About 78 percent of purchases were of new properties, they said.