Even as new taxes and tighter regulations reshape the property landscape, foreign investors continue to show confidence in Australia’s real estate market — particularly in Victoria, which remains the most active state for overseas buyers.

According to the Australian Taxation Office’s Register of Foreign Ownership, foreign investors spent $2.25 billion on new homes and land during FY2024. Despite higher fees and greater compliance requirements, overseas interest — especially from China, Japan, Singapore, and Hong Kong — remains strong.

Victoria led the nation with 1,070 new dwellings purchased by foreign buyers, well ahead of New South Wales (442) and Queensland (258). The ACT recorded 116 purchases, while Western Australia (78), South Australia (54), Tasmania (9), and the Northern Territory (1) saw smaller volumes.

In land sales, Victoria again dominated with 1,092 lots, followed by Queensland (460) and South Australia (222).

Sha Liu, senior researcher at the University of Adelaide, notes that foreign buyers represented only 1% of total housing transactions in FY2024, down from 5% in 2016. “While new regulations have cooled speculative investment,” she says, “Australia remains highly attractive for international investors seeking long-term stability.”

Victoria’s continued dominance underscores its strong infrastructure pipeline, world-class education institutions, and diverse investment opportunities — qualities that continue to attract international capital despite shifting policy settings.