Using revenue figures obtained from state governments under freedom of information requests, Credit Suisse calculated that 26 per cent of new homes sold in New South Wales between September 2016 to June 2017 were purchased by foreign buyers.
The figure was not much lower in Victoria, with 17 per cent of new home purchases coming from overseas buyers.
Queensland was less attractive to foreign buyers, with 8 per cent of new homes sold to non-residents.
Credit Suisse was able to obtain the breakdown, because these three state governments now charge higher stamp duties on overseas buyers.
The stamp duty surcharge is 8 per cent in NSW, 7 per cent in Victoria and 3 per cent in Queensland, but does not appear to have put a significant dent in demand from overseas buyers.
On an annual basis, foreign buyers poured almost $6 billion into residential property in NSW, $3.4 billion in Victoria and $0.7 billion in Queensland.
Credit Suisse said the data from January to June 2017 showed that 87 per cent of foreign property buyers in NSW were Chinese, with New Zealanders at 1.6 per cent the next biggest nationality.
"In both states [NSW and Victoria] we see no evidence of a slowdown in foreign demand because of the stronger capital controls introduced by the Chinese authorities in December 2016," Credit Suisse research analysts Hasan Tevfik and Peter Liu wrote.
"Chinese demand for Aussie property continues at a strong rate despite the government's efforts."
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