“For many years, Australia has been a desirable destination for Hong Kong and mainland Chinese buyers and investors,” said Freya Watson, head of residential project sales at JLL Australia. “With geopolitical challenges, Australia offers an international lifestyle that is transparent and open to investment and migrants. We can only see this demand increasing over the next few years.”

She added that offshore buyers “are drawn to Australia for its world-class education, desirable lifestyle and of course, the business opportunities”.

In the three-year period from July 2021 to June 2024, foreign holdings of Australian residential land surged 48 per cent to 6,265 parcels, according to the latest official data by the Australian Taxation Office. Residential land covers vacant lots, those with existing dwellings and areas with new accommodation.