The Australian real estate market is being inundated with enquiries from foreign buyers, increasing demand in Sydneys central business district, North Shore and Eastern Suburbs according to the Real Estate Buyers Association of Australia.

This view is backed up by figures from the Foreign Investment Review Board which show that overseas buyers snapped up US$23.4bn worth of real estate in the country. Foreign buyers bought 3,639 new and existing homes plus 988 parcels of land during the peak of the Global Financial Crisis in 2009.

Byron Rose, president of the Real Estate Buyers Association of Australia, said: "We see a lot of interest from Singapore, Hong Kong, Tokyo and the UK. They know the market is depressed and as they are making huge capital gains many are reinvesting into the market."

Lending for local buyers is harder to secure due to rising interest rates so real estate companies are now promoting the Australian real estate market abroad. Recently, major industry consultancy firm CB Richard Ellis held a real estate exhibition in Hong Kong to entice foreign buyers on opportunities in the country