Foreign buyers return to new homes market: NAB

Foreign buyers are surging back into Australia’s new housing market, accounting for 7.9 per cent of the demand for new homes across the country, after close to doubling over the March quarter, according to NAB.

It is the third consecutive quarterly rise in the overall share of market sales to foreign buyers – it was at 4.6 per cent in the fourth quarter last year – taking that proportion to its highest level since midway through 2020.That share is still well off the peak in demand from foreign buyers of close to 17 per cent at the height of the housing boom in 2014. The average share is 9.3 per cent, according to NAB’s quarterly property sector survey.

Although first home buyers still dominate the new housing market, their share of total sales dipped to a 2½ year low of 40.1 per cent in the first quarter, according to the NAB survey.“Market share of foreign buyers in this market, however, ticked up to a near two-year high of 7.9 per cent nationally and accounted for an above-average four-year high, one in 10 sales in NSW – a development to watch as international borders start to reopen,” NAB said.

Must be because of all these high falutin affordability schemes?

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