Overall, proposed investment in residential real estate soared 75 per cent, from $34.7 billion in 2013-14 to $60.8 billion in 2014-15.
A large proportion of the increase was from new dwellings approvals, with the value of off-the-plan apartments by developers jumping from $16.38 billion to $28.69 billion.
Proposed spending by individual investors also doubled, up from $7.72 billion to $14.38 billion.
Foreign investment on existing homes also jumped $7.17 billion to $10.09 billion last financial year.
Offshore buyers are permitted to buy new homes with FIRB approval, and established homes under several circumstances.
Temporary residents can buy one established dwelling to live in, on the condition they sell the property within three months when it’s no longer their residence.
They can also buy an existing habitable dwelling but need to replace it with multiple dwellings.
Overall, there were 36,841 residential real estate proposals approved in the 2014-15 financial year, compared with 23,054 the year before.
China topped the list for total investment approvals last financial year, totalling $46.5 billion, which includes tourism, manufacturing, agriculture and mineral exploration.
The US ranked second, with $25 billion worth of investment approvals, followed by Singapore ($9.9 billion), Japan ($8.6 billion) and Canada ($7.8 billion).