The number of foreign buyers of new Australian homes tripled last financial year, a new report from the Foreign Investment Review Board Report shows.

China is now by far the biggest foreign purchaser of Australian real estate, splurging $12.4 billion in 2013-14 - more than double the investment from the United States and triple Singapore's outlay.

The foreign appetite for Australian homes has centred on new dwellings, with total spend on off-the-plan apartments leaping from $5.73 billion to $16.4 billion.

The chief executive of Chinese property website.jpgang.com, Michael Yang, said that Australia's stable economy and top schools were the main drawcards for foreign buyers.

bbabo.Net