Figures from the Foreign Investment Review Board showed investment in Australian residential property by foreign investors fell by 11% between the 2018 and 2019 financial years prior to the pandemic crisis, reports Macrobusiness (19 October 2020). The FIRB’s figures also reflected a trend towards buying brand new properties and a growing interest in more expensive properties. Despite the recent shutdowns, a recent NAB Property Survey reported increased foreign buyer activity during Q2 2020. In new property markets, their overall market share increased to a 2-year high in established housing markets. According to Georg Chmiel, executive chairman of property portal Juwai IQI, “The bad news is that transactions have dropped precipitously due to travel bans and other practical difficulties.” Chmiel said “transactions do happen. But the only foreign buyers making purchases are in Australia or are willing to buy sight unseen.”