Foreign Residential Investment in Australia Declines Sharply

New data indicates a significant 22% decrease in foreign residential property investment approvals, falling to 5,284 in 2024-25. This decline is attributed to an extended ban on foreign purchases of established homes until June 2029 and tripled FIRB application fees.

For foreign investors considering Melbourne's western growth corridor, the focus remains on new builds or vacant land, as established properties are largely off-limits. Domestic buyers may face less competition from overseas purchasers in the existing housing market.