A looming housing slump and weakened Australian dollar could open the residential real estate market to more foreign buying as agents reach out to overseas investors to offset losses.

Nearly one in six agents reported they would increase marketing to foreign buyers during the coronavirus pandemic to mitigate lost income from falling local demand.

Agents also said they expected a virus-led slowdown to last months and nearly 60 per cent forecasted earning “significantly less” this year, the Juwai.com survey revealed.

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It comes as developer Crown Group reported $42 million in off-the-plan property sales over March and late February – mostly to international investors.

Agents also reported mainland Chinese buyers were making inquiries on properties priced at up to $18 million and getting family members based locally to view the homes on their behalf.

Foreign investors are restricted to buying new properties under guidelines set out by the Financial Investment Review Board.

The federal government announced this week deeper levels of scrutiny would be applied on foreign investments, including removing the price threshold needed to qualify for FIRB scrutiny.

But Treasurer Josh Frydenberg said it was not “an investment freeze” and Australia would still be “open for business”.

Auctioneer and real estate entrepreneur James Pratt said overseas investors were finding Australia more affordable and appealing due to the dropping value of the dollar.

“Someone in China, where they are getting over the coronavirus, is going to be more likely to buy than someone here in Australia where we are just going onto high alert,” Mr Pratt said.

“It’s smart to market to overseas buyers right now, above all. It’s a way of adapting to the landscape. In a situation like this, it’s good to be aggressive in expanding your audience.”

Belle Property-Mosman sales executive Mitchell Soineva said overseas-based Chinese buyers remained active in the market and often had local contacts to help them.

“I don’t know how they are transferring money. There is something happening that is allowing more Chinese buyers to transact and spend their money in Australia than before,” Mr Soineva said.

Crown Group chief operating officer of sales Prisca Edwards said savvy investors were taking a long-term view and looking beyond testing conditions.

“Overseas buyers are taking advantage of the low Australian dollar to make a significant saving,” she said.

“This can be up to 14 per cent for those holding savings in Hong Kong and Singapore, or 40 per cent for those with money in the US, depending on the timing.”