The National Australia Bank’s Q2 2020 Residential Property Survey shows that new properties across Australia are being bought by overseas buyers, reports Elite Agent (29 July 2020). New development sales to foreign buyers rose from 6.6 per cent to 8.3 per cent in Q2, with figures for established housing increasing to 3.1 per cent from 2.4 in the first quarter. In Victoria,19.3 per cent of new homes in the state were sold to overseas buyers, the highest level in three years. “Foreign demand – especially from China, India, and other parts of Asia – has always been a small but significant part of the Australian market, around 5 per cent to 7 per cent of existing sales and 10 per cent to 13 per cent of new sales,” explains Juwai IQI executive chairman, Georg Chmiel. “Foreign buyers are a lifeline for developers who are having trouble selling to the local market because of COVID-19. They are also focused in certain suburbs, especially in the inner city and certain luxury areas.”