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Is foreign investment driving down property prices?

By Ben Faulks

Property in Cook and other Belconnen suburbs could become more affordable thanks to foreign investment in the nation's real estate sector, a study has found. 

The 2013-14 annual report from the Foreign Investment Review Board (FIRB) found that the value of investment proposals stood at $74.6 billion over the course of the year. This is an increase of $22.7 billion from 2012-13.

As the Property Council of Australia explains, a rise in the amount of properties throughout the country could mean that they become more affordable.

"The only way to improve housing affordability is to get more housing on the ground earlier, and foreign investment is making this happen," said Property Council of Australia Chief Executive Ken Morrison.

"This has the added benefit of creating thousands of new jobs in the construction sector, as well as demand for construction materials and services."

Mr Morrison was keen to point out that overseas investment isn't preventing Australians from buying their first homes, but instead is supporting the construction of new properties for everyone.

If you'd like to make the most of improved affordability in the region, get in touch with the team at Ray White Belconnen today.

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