Chinese investment in Australian property doubled last financial year.
Investment approvals from China for Australian real estate last year hit their highest level ever recorded, sitting at $24 billion.
Chinese investors made up nearly half of the total value of real estate approvals by foreign countries in the financial year.
American investors were the second highest foreign investors in Australian property but they were still more than tripled by the Chinese activity, while Australia has now become the second-most popular destination for Chinese investors behind the USA.
The figures from the Foreign Investment Review Board include both residential and commercial property and reveal the spike in Chinese investment was especially driven by a large increase in residential approvals.
Residential foreign approvals as a whole jumped by 75 per cent in the 2014-15 financial year to hit $61 billion.
Victoria was actually the most attractive State for foreign real estate investment with 16,775 approvals for the year with New South Wales coming in second with 12,349.
