Cashed-up Chinese buyers are swooping on Australia’s housing bargains to cash in on the next property boom.
Chinese migrants are helping friends and family in China to skirt Australia’s foreign investment rules by purchasing established homes on their behalf, agents say.
And Chinese developers are buying up rundown commercial properties in Sydney and Melbourne to “land bank” and redevelop as apartments during the next boom.
Foreign buyers snapped up one in every eight new properties built this year – up from one in 20 properties in 2011, National Australia Bank research reveals.
So great is the international demand – fuelled by a falling Aussie dollar and Beijing’s ban on buying more than one property – that some developers are now marketing new units exclusively to offshore buyers.
“We’re hearing that a lot of developers now aren’t even marketing in Australia,” NAB senior economist Robert De Iure said yesterday.
“They’re marketing them in Hong Kong, Singapore and China and we’re not even getting a look-in.”
Andrew Taylor, the Australian founder of Chinese property website Juwai, said Sydney, Melbourne and Brisbane were the most popular cities for Chinese house hunters – but “Perth is really climbing fast.”
Mr Taylor said Chinese migrants were buying properties on behalf of family and friends living in China.
“Many international buyers will use their family and extended networks to purchase property in Australia,” he said from Shanghai.
“If they have a relative who is a permanent resident, there is no restriction.”
Sooooo... Some random Chinese blog with a name that vaguely resembles a legitimate news site has an unsubstantiated claim about Chinese people buying all Australian houses by a guest poster called Chashed Up...
Holy fuck you guys are scraping the bottom of the barrel...
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
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