Oz in $21 billion bonanza

New figures show just how important foreign investors are to Australia's real estate market…

According to the Real Estate Institute of Australia Real, property in Australia attracted $21.4 billion worth of foreign investment during 2007.

Property accounted for 14 per cent of all the foreign investment dollars drawn to Australia during that financial year, making it the fourth-largest target for foreign monies.

Singaporeans were the biggest foreign investors, purchasing $3.4 billion worth of Australian property. The United States was second with $3.3 billion, following by the United Kingdom at $2.6 billion and Germany at $1.3 billion.

The Foreign Investment Review Board approved 5514 proposals for the purchase of residential property, totalling $13.4 billion, and 98 proposals for the purchase of commercial property, totalling $8 billion.

New South Wales and Queensland were the main targets of foreign money, representing 45 per cent of total investment.