"Wealthy Chinese who want to buy a property for long-term investment cannot buy (more than one) in their own country,"Mr Leung told The Australian.

"They are also very keen to buy residential sites to develop themselves, in areas that are close to train stations, good schools and universities."

In step with the FIRB announcements, the National Australia Bank (NAB) slashed its fixed interest rates across several terms to their lowest level in more than 20 years.

NAB on Monday lowered the new two-year rate to NAB's existing four-year rate as the lowest it has been in more than 20 years.

Group Executive of Personal Banking Gavin Slater told Xinhua NAB was now ahead of all other major Australian banks on one, two, three, four and five-year package fixed home loans.

"We have seen increased demand for fixed-rate home loans in the past 12 months, so we know many home owners are looking for certainty, whether they are investors or first home buyers, and NAB is offering that through these market-leading fixed home loan rates."

John McGrath, founder and chief executive of McGrath Estate Agents, told Xinhua that while many purchases were associated with education and people migrating to Australia.

"Investing in Australian property is the very definition of win- win: its an intelligent investment that secures a foothold in relative paradise, while ensuring easy passage into the Australian market and the Australian way of life."

Richard Grainger, whose boutique property platform, Sunrise Property Group (SPG), services exclusive Chinese buyers said the reliability, beauty and practicality of Australia was incentive enough, regardless of regulatory changes.

"Much has been made of Chinese investors and the Significant Investor Visa, however, the fact is that the take up rate of these visas has been very low in Australia and only a handful of visas have actually gone through. That may change with the restrictions announced by Canada on their investor visa and the noises being made to limit these visas in the USA."

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