Australia ranked fifth in the world as a destination for global investment in commercial property as money flooded across borders racking up $US407 billion ($553bn) of deals worldwide in the first half of the year, according to agency CBRE. 
It was the strongest first half since 2007, up 14 per cent over the prior corresponding period.
The US, Britain and Germany dominated accounting for $US301bn of commercial property investment, CBRE found.
The strong US dollar helped the Americas post a rise of 31 per cent, but affected Europe, the Middle East and Africa, which was up 5 per cent from the first half of 2014, while activity in the Asia--Pacific fell 19 per cent.
Australia was the exception with offshore investors underpinning $US10.3bn of sales.
CBRE's Pacific executive managing director, capital markets, Mark Granter said Australia continued to attract a high share of cross-border investment activity, with Sydney ranked No 4 globally in this field. "The decline in the Australian dollar and the higher yields/returns in this market are continuing to attract offshore buyers," Mr Granter said. "Given the current level of transaction activity in Australia, we are on pace to meet, if not exceed, the record $29.6bn in annual sales recorded during 2014."The influx of new sources of capital targeting real estate was helping to extend the investment cycle, said CBRE director Global Research director Iryna Pylypchuk. "This pushes the 'old capital' into niche sectors, prompting expansion of the investment -universe."