Melbourne attracting foreign buyers at record rate

The Age

Sydney may be leading price growth, but it’s Melbourne that’s attracting the most foreign investors in Australia, according to the Foreign Investment Review Board. Foreign investment approvals in Victoria rocketed to $10.41 billion for development in 2013-2014, more than double the previous year’s figure. In NSW foreign investment approvals for development totalled $10.39 billion. Esther Yong at Chinese language real estate portal ACproperty.com.au_ said Melbourne was marketed overseas for lifestyle opportunities and quality universities. “To many foreign investors, they see Melbourne and Sydney as equivalent; both are big metropolitan cities, great lifestyle, good universities available,” she said.