LAUSR

We undertook an autopsy of the drivers of individual foreign real estate investment ‘bust’ in Australia through a new theoretical lens of ‘habitus’. Our autopsy data drew contours around the individual foreign real estate capital ‘boom and bust’ cycle, as well as the long-term commitment of professionals in the real estate sector to Australia’s real estate market. More specifically, we showed that the foreign capital ‘boom and bust’ cycle began in earnest in about 2010 (starting at A$8.7 billion), grew to A$72.4 billion in 2016–2017, and then declined to A$12.5 billion in 2017–2018. This decline in foreign capital into Australian real estate occurred within a domestic real estate market in Sydney that also started to slow in 2017. Based on 20 semi-structured interviews with real estate professionals in Sydney and public material culture data, we found out that the off-the-plan apartment sales and global policy landscape changes contributed to the decline of foreign real estate investment in Australia. The three possible implications for Sydney’s future residential real estate development: (1) The loss of investors, (2) the evolution of the labor force, and (3) the diversification of housing products, have been raised as part of a future research road map.