A statue of Mahatma Gandhi was unveiled by India's Prime Minister in the Roma Street Parklands only last year.
I believe it to be a fair assumption that today those numbers are rapidly gravitating towards 30 per cent and 50 per cent respectively.
Sydney is also considered extremely favourable by Chinese migrants.
Note that dwelling prices in such districts are not growing only because of foreign capital, but as much because suburbs such as Campsie had become perceived as depressed, cheap, neglected and unsightly, and only now are being revitalised by the new settlers.
The latest data shows that the numbers of permanent settlers from Europe, New Zealand, America and Africa are dialling back, but Asian settlers are increasing once again.
ATO initiates foreign buyer taskforce
All too rarely do real estate commentators - or for that matter market participants - distinguish between foreign-born residents, residents of Asian heritage, residents with capital which was earned or borrowed from overseas, or people who just generally 'look a bit foreign'.
To re-cap, non-residents are typically approved to buy new property (or sometimes to develop established property where this results in an addition to the dwelling stock), and thus a surge of Chinese capital in particular in this market has helped to fuel Australia's greatest ever apartment construction boom.
This dynamic has helped to push rental growth down to is slowest level since 1995, and in time will keep downward pressure on dwelling prices too.
Since you're reading my personal blog page, my own view is that the most straightforward way to improve transparency in this area - thereby hopefully putting a stop to the often borderline hysterical daily blogs and media articles on the subject - would simply be to implement a "no passport/no sale" rule of law.
I expect it will likely transpire that the chosen path foward comprises the implementation of a national property register together with collaborative cross-checking of data procedures between agencies.
Upon being asked by the ATO how the taskforce should best proceed in my opinion, I advised that if I was taking a materiality-based approach I'd be starting with tracking data and transactions in inner Sydney, inner Melbourne and inner Brisbane, in that order, as implied by the 2011 Census data cited above.
Take a look below, for example, at the unprecedented surge in domestic investors in New South Wales. It is clearly not "foreign buyers" that are the dominant driving force of the market, rather it is domestic investors...and in fact lately it has become domestic Sydney homebuyers too!
Despite predictions to the contrary, Australia is in the midst of the biggest property investment boom in its history - only a numbskull would be trying to dodge the law by soliciting for illegal buyers. There are after all endless numbers of Australian investors entering the market right here at home.
My belief is that following the conclusion of its taskforce the ATO and its Commissioners will roll out and then implement robust new rules and penalties as effective deterrents to illegal property purchases over time.
The hearsay and innuendo may or may not continue, but either way looking forward Australia's permanent migrant population will overwhelmingy originate from Asia so we had better get used to seeing more Asian faces at auctions, like it or not.