Cashed-up foreigners snap up homes

CASHED-UP foreigners snapped up $14.9 billion worth of houses and land in Australia last year, including $2.49 billion worth of existing homes.

The Federal Government refused to release but they were in a Foreign Investment Review Board (FIRB) report that was quietly posted online last week.

It shows the Government issued 4827 real-estate approvals to foreign investors last year for commercial and residential properties.

About half the approvals were for temporary residents wanting to buy a house as their principal residence.

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