Australia has approved $18 billion Chinese real estate investment last financial year, doubling the value approved in the previous year.

According to Australia's Foreign Investment Review Board, China is Australia's largest investor with approvals reaching up to $18 billion in the last financial year, an amount three times higher than US' investment and sixfold than Singapore's.

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The value of Chinese approval doubled from just $9 billion in 2013 to 2014, when China managed to oust US' position as Australia's biggest foreign real estate investor.

The surging demand for overseas properties has helped Australia's booming residential construction. It is also helping the country's economy from recession as its mining industry comes to an end.

"China's share has risen from less than one-tenth to more than one-quarter of all of foreign real-estate investment in Australia since 2012. There will be ups and downs, without a doubt, but the long-term trend is up," Charles Pittar, chief executive of China's famous real estate portal Juwai.com, said.

Australia now holds the second spot as Chinese property investor's target market next to the United States, Juwai.com reported.

However, a few Chinese investors are becoming cautious after Beijing implemented a new policy that prevents large sums of money from leaving the country amid China's stock market plunge and economic slowdown.

Australia, on the other hand, started introducing stringent homeownership laws for foreign buyers, commanding some owners to sell after they illegitimately acquire established properties.

Despite these, Pittar said there is still an "immense pent-up demand" for overseas properties among Chinese clients. "This is important because it shows that the China bears who claimed Chinese investment was falling off a cliff was badly informed," he added. 

Tagschina, Australia, real estate market, investment, Chinese investors