Getty/Mark Dadswell

Foreign investment in Australian real estate – although still a fraction of the total market – is skyrocketing.

Over the 2013/14 financial year the Foreign Investment Review Board (FIRB) approved 23,428 foreign real estate investments, an increase of 95% on the prior financial year.

Reflective of the overall increase in approvals the total value of real estate approvals jumped from $A51.9 billion in 2012/13 to $A74.6b in 2013/14, an increase of 44%.

While non-residential approvals still made up the majority of this amount – $A39.9 billion – it is clear that demand for residential real estate is accelerating.

2012/13 residential real estate approvals totalled $A17.2 billion. Just 12 months later that figure jumped to $A34.7 billion – an increase of 102%.

For the first time in history China was the largest source of approvals ($A27.7b), replacing the United States which totaled $A17.5b. Canada, Malaysia and Singapore were third, fourth and fifth respectively.

Business Insider Emails & Alerts Site highlights each day to your inbox. Email Address Join

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.