PHOTO: The world’s appetite for Aussie homes has dropped by more than a third. Source: Getty Images

FOREIGN investment in Aussie homes has been slashed by more than $47 billion in a year. But despite foreign investment in Victorian property being cut in half, the state is still the nation’s number one housing hotspot for offshore buyers — and for those breaking the rules.

The Foreign Investment Review Board’s annual report, to the end of June 2017 that was released today, showed $25.2 billion in residential real estate sales were approved in Australia — $11.04 billion in Victoria, more than 43 per cent of the national total.