Overseas-based investors have spent $5.3 billion on Australian property in less than a year according to new data from the Federal Treasury.

The data shows that there were 4700 residential purchases made by international buyers in the first three financial quarters of 2023.

Of those 1955 homes were bought by China-based investors, 400 by Hong Kong-based investors and 259 by Vietnam-based investors.

PropTrack director of economic research Cameron Kusher, says while the value may appear high, foreign investment only accounts for a very small portion of Australia’s property market.

He says these types of buyers are generally buying higher-end properties, which are out of reach of first homebuyers.

“International investors are not impacting the lower end of the market,” Kusher says.

“Australia is a popular destination for international investors, but these overseas buyers are not impacting the market.”

The data shows that many overseas-based investors are securing properties in Sydney.