Although foreign investment approvals in real estate continue their upward trend, the resultant effect on property prices in Australia’s two biggest capitals has remained modest, a new government paper has found.

The recently released Foreign Investment Review Board (FIRB) Annual Report found that residential real estate applications increased by 19% to $72.4bn in 2015-16 compared to $60.8bn in 2014-15.

Alongside this, the total number of applications approved for residential real estate jumped from 36,841 to 40,149 between the two financial years. Overall, residential property approvals made up 96.9% of all foreign investment approvals in 2015-16.

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