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For months there have been more reports in the media of Chinese buyers heading into the country to secure real estate in Australia. Whether it's due to the country's standard of living, education or low interest rates, any and all of these reasons have helped to lure foreign investors to our shores.
This is positive news for those thinking of selling luxury real estate in Australia, as many of the foreign buyers enter the country with a lot of cash to spend on homes.
As a gauge of how much foreign investors have spent on real estate recently, the Foreign Investment Board (FIRB) released its annual report detailing the level of investment in Australian property.
The report for 2011-12 showed a total approved level of proposed investment in real estate of $59.1 billion, compared to $41.5 billion during the previous year.
Residential real estate investment accounted for $19.7 billion of this figure, showing strength in the housing market.
But what are the drivers for this rise in foreign investment - especially Chinese buyers?
Firstly, Australia currently possesses four of the world's most liveable cities as determined by The Economist Intelligence Survey, which was voted on earlier this year.
Melbourne, Perth, Adelaide and Sydney were all included in the top 10 most liveable cities, which is an attractive feature that lures in foreign buyers who wish to live in Australia.
Secondly, interest rates in the country are low, providing buyers a good opportunity to secure housing finance for purchases.
Thirdly, the Chinese government implemented restrictions for the purchase of property in the country earlier this year which has led to buyers looking elsewhere to secure real estate.
At the same time, Australia has seen a significant rise in the number of foreigners shifting to the country.
According to the Department of Immigration and Citizenship 2012-13 report, the government has granted almost 4.7 million permanent and temporary visas over the year.
"This has been a year of unprecedented change for the department and its staff have been operating in a challenging and unpredictable operational environment," said Department of Immigration and Citizenship Secretary Martin Bowles.
Over this period, the Department made 120,000 people Australian citizens at ceremonies around the country. This has been the second consecutive year of growth in the number of citizenship applications, showing an increased interest from migrants.
