There’s been a surge in foreigners buying property in Australia, according to the NAB Residential Property Index.
And Victoria is the hot spot where one in four buyers is from overseas.
Nationally, the trend is that foreign buyers account for one in six new properties.
Overseas buyers accounted for 16.8% of total demand and this share is tipped to rise to 17.3% next year, NAB said.
Overall, NAB Residential Property Index was unchanged with stronger house price expectations offset by weaker rental prospects.
NAB Group Chief Economist Alan Oster says the picture was mixed across the country, with Queensland overtaking Victoria as strongest state, SA/NT the big improver and sentiment still falling very heavily in WA.
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