Overseas Buyers’ $20bn Adds to Property Price Pressure
FOREIGN buyers splashed out more than $20 billion on residential real estate in 2016, with overseas purchasers given the green light to buy more than 12,847 properties in NSW last year.
Despite attempts from the federal Government to crack down on overseas buyers, the foreign spend is soaring, with foreigners spending $42 million more than the previous financial year and winning the approval for about 500 more properties.
Approvals grew a whopping 400 per cent in the past five years.
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