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Foreign millionaires and Singaporean homebuyers call Australia home

Taylor Troeth, Property Journalist
Updated 12 Apr 2024, 5:00am
First published 12 Apr 2024, 10:25am

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Australia has become the number one destination in the world for millionaires, with wealthy international investors increasingly targeting local real estate. And one surprising country of only six million has been part of the charge.
New data released by Juwai IQI international real estate group revealed Australia is the number one destination for homebuyers from Singapore, making up 27.5 per cent of all Juwai IQI’s outbound residential property inquiries from Singapore.
Singaporeans also made up a sizeable share of the 5200 millionaires who moved to Australia last year.
In the 2022-2023 financial year, Singapore buyers acquired $300m of residential real estate in Australia.

Australia was the number one destination for Singaporean home buyers.

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Juwai IQI co-founder and CEO Kashif Ansari said the data offers an insight into the preferences of Singaporean property investors.
“The global focus has been on Chinese buyers for the past decade and a half, but buyers from Singapore have been active for longer,” Mr Ansari said.
China is still the number one country for international home purchases in Australia, with $3.4b worth of real estate purchased in financial year 2023 alone.
“Because Singapore buyers tend to have ample cash, they have an advantage in a market like Australia where mortgage rates are high,” he said.
“Not coincidentally Australia is also the number-one destination in the world for millionaires.”