I'm reading this article and it kinda gets me worried a bit. I know the article is about luxury properties in Toorak, but surely there will be other Chinese buyers snapping up property in different areas.
Currently a renter and it feels like buying my first property will be out of reach for a long time.
https://www.news.com.au/finance/real-estate/melbourne-vic/nu…
Not sure why you would do that. All cash?
The whole point of investing in property is leverage.
If you calculate your net yields after taking into account all the management fees, maintenance, rates, land tax etc. you're really not getting much. If it's a property in VIC I daresay a net yield of under 2%. Plus you have to pay heavy transaction costs such as stamp duty and agent fees to enter and exit.
If you had it all cash it's much better to put it into shares. Higher growth and yields without the hassle. Easy to buy in and sell out. No management fees, no hassles maintenance or hassles with tenants.
BTW this is coming from someone who owns 4 IPs. Just sharing my advice, tips and thoughts. I leverage and use the banks money to invest to make money from money I don't have. As long as my returns are higher than the interest rate I'm paying, it's golden.
You're correct in all and leveraging - I too have a share portfolio and other IPs.
The large cash contribution was only because banks were a bit more stern with loan amounts this time around, and we strongly desired the location as we intend to move the family there in the future. The house is in the school zone we desire for our kids.
If not for the desire to move in and build-new, then we would have squeezed as much loaned money as we could.
Good job
Remember reading an article about foreign investors using australia's property market as a money laundering service, our system is severely flawed.
This combined with foreign students being able to by established dwellings (backdoor for foreign investors) means we desperately have to do something about it, like canada.
Housing market is fcuked partly because of this.
yeah, temporary migrants should not be able to purchase existing property.
I think Rudd brought that one in.
This question is silly at best. Chinese and other nationals wnat to migrate to Australia, will there be any demand or issue if Aussie cannot migrate to China? Lolz!
So in other words, lets bring back the White Australia Policy!
I'm afraid we can't, too many Italians and Greeks here these days…
So heres the full story, the chinese market for property in china is tanking completely and from chinese communist culture its always a safe bet to invest their money into property. Now the problem is western countries are tightening their foreign investment policies up because if the chinese decided to sell up and move their money elsewhere it will cause a complete stagnation of the economy (a pretty bad recession). Now on the other hand the Australian government hasnt done anything to protect their economy as the kickbacks from the foreign property investment is benefiting the politicians and the elites of the country. Now you may say most of the investment is local but those figures are skewed because foreigners purchase property through local entities such as corporations, trusts etc. making them look like local companies.
The real problem here is that the Australian passport needs to be earned by immigrants who actually want to be part of Australia and not use Australia as a pump and dump investment. The government needs to enforce heavy foreign taxes on investments and a example benefit is that the taxes would completely remove tolls from Australian roads.
Now would this ever happen, the sad answer is no.
Foreign ownership of residential homes could be minor we just dont know. Personally i think you should be a citizen of Australia to own residential properties. Many other countries have very tough ownership rules to protect their own people.
It's funny how much people hate overseas investors until they have property then love how much they're driving up their investments.
This doesn't help Australian property investors at all, as the aim of property investors is to obtain more and more rental/commercial properties in order to generate more and more income.
If property values keep increasing, it limits their ability to obtain more property (or prices them out entirely). If you then compound that problem with a weak dollar and a useless government who refuses to reign in welfare & arts spending to get inflation back under control - you have yourself a property market that's absolutely ripe for the picking by foreign investors at the expense of every Australian.
The issue is that Australians love treating housing as an investment
Housing is an investment though.
Literally everyone in the world acknowledges that, outside of people suffering a day to day life under communist or socialist rule.
I feel it’s abit hypocritical. Complain when they can’t buy, but if they were in the sellers shoes, they would love the investor as they are getting more cash. Basically one Aussie not happy, one Aussie (seller) super happy.
I’m Chinese but was born in Australia. I love buying on cheap but hate selling cheap. Vice Versa
the market is a meeting place of those who think it is a good time to sell,
and those who think it is a good time to buy.
'As it was in the beginning, is now, and ever shall be: world without end. Amen' - https://en.wikipedia.org/wiki/Gloria_Patri
hmm - race-baiting from News Corp - who ever heard of such a thing ? ;-)
FUD - Fear, Uncertainty, and Doubt - that's the way to attract eyeballs, folx !
Money from advertising and subscribers - never let the truth get in the way of an amygdala-stimulating shock horror story …
Australia belongs to China now, if a Chinese person wanted to buy your home at grossly overinflated values, like three times, would you say no?
People complain without realising that they are the problem, it’s most disgusting that Australians are turning into greedy money grabbers with double standards
Not to mention the widespread support for all things and products Chinese - the stupidity here is astounding to say the least
That’s right. Where do people think Kmart big w etc get all their products from. Imagine if everything is Australian made. It’s great but imagine how expensive it will be
Not just expensive but how crappy it will be too.
Australia still had enormous manufacturing industries only 30 years ago and back then the thought of buying something foreign was borderline preposterous because it was both more expensive and not even remotely made to the standard it was here in Australia. The idea of buying common white goods, clothing, furniture, vehicles, consumer electronics or pretty much anything inside your house from outside of Australia was just bordering on moronic. We also had cheap and reliable utilities thanks to being self sufficient with mining, oil and gas exploration, while ignoring the obvious lies of screeching climate doomers.
Unfortunately a number of globalist leftist governments killed those industries on purpose though and now all we are left with is expensive poorly made junk from overseas and no jobs for high school drop outs or arts graduates any more.
@infinite: Perhaps it was so in the past. Long long long gone.
30 years ago no one will ever think of buying a Chinese made car. Today Tesla, a US carmaker, produces cars in China.
70 years ago toys made in Japan were disgustingly poorly made and nasty cheap, today they are too expensive "as a toy go".
Time changes everything.
(most) Australian manufacturers lost the plot.
They gotta stash that grey money somewhere. Buying Australian property lets them hide it from the CCP when they inevitably try to claw it back.
Great for them, awful for anyone here looking to buy a place to live in.
Plenty of other options to stash your money in ,
Here's an example
It is well known that US and UK nationals buy even more Real Estate in Australia than any other nationality.
Chinese owners are more easy to identify (for those Chinese owners that look like the traditional Asian Chinese) and then stand out.
Like when driving cars. Yanks and Poms will mostly look like one of us although they might not be.
It is well known that US and UK nationals buy even more Real Estate in Australia than any other nationality.
That's not true at all.
China is currently buying more residential, commercial and agricultural land than any other foreign country, in both number and value, and it's not even close: https://www.afr.com/property/commercial/china-tops-the-list-…
Each year about $8 Billion worth of all types of property in Australia is sold to foreigners and China alone accounts for $3.2 Billion of that just in the residential market.
https://www.afr.com/property/commercial/china-tops-the-list-…
Needs a subscription to read. Hence probably an opinion rather than factual news.
Pass
It is currently fashionable to blame everything on the Chinese.
Collogues are work keep telling me it is the Chinese who are causing the housing crisis… and then go on to tell me about their three investment properties.
Correct Macgyver.
Always.
Yes the worst is when they hear me speak proper English (was born here). Their change in demeanour makes me feel sad. Cant everyone just treat everyone the same?
Its been fashionable for the Liberals in politics and every media owned by Murdock for quite some time. But sheeps like to follow and its clearly too hard for some to research from reputable sources.
Beyond residential i wonder how many know that about 65% of all foreign investment (portfolio, direct etc) in Australia is done by 5 countries and China is not on that list. But hey, im sure a few will feel better that between the UK and US, they own about $2 Trillion in investments here.
https://www.dfat.gov.au/trade/trade-and-investment-data-info…
Beyond residential i wonder how many know that about 65% of all foreign investment (portfolio, direct etc) in Australia is done by 5 countries and China is not on that list. But hey, im sure a few will feel better that between the UK and US, they own about $2 Trillion in investments here.
But your articles says this.
China was the largest source of investment for residential real estate investment proposals by number and value – at $600 million – in the December quarter.
Which is what the OP was alluding to.
No the OP is saying that Chinese nationals are buying everything. $600m was within that 1%. Put another way, that stat is saying that less than 1 out of every 100 residential property was bought by a foreign Chinese national.
Here is housing transfer data from the government. In the last quarter of data there were about 40,000 transactions, nationally. You can do the maths. Are you sure its the Chinese buying everything?
https://www.housingdata.gov.au/visualisation/housing-afforda…
First step OP, is to read less news.com… you wont get much from that source. Second, get to the data rather than heresy or generalizations. The total foreign residential investment in 2022 was less than 1%, i dont think its been much changed from that given stock and volumes are down against normalized trend.
https://www.afr.com/politics/federal/overseas-investors-are-…
Chinese Snapping up Australian Property
Dejavu?
It's not the Chinese buyer's fault.
The root cause is their Government driving this diversification/flight behaviour. E.g. https://www.smh.com.au/business/the-economy/china-s-rich-are…
Most foreigners with the cash would love to buy into Australia if they could, the problem is that our Government won't limit them from doing so.
The foreign countries these people come from don't have the same problem as us currently, because they aren't allowing foreigners to pour in and buy their property like our government is allowing to happen.
This piece of news is so much about some sales person's opinion, not so much data / facts. I think that's rubbish.
Also Chinese is easily a scapegoat of anything - petrol price, CPIs, properties, rental crisis, silicon chips or even car prices - because local politicians won't tell you that they are incompetent to address these issues so they need something to point finger to.
This is another news from news.com.au but tells completely different story about who are the foreign buyers - definitely not topped by Chinese buyers - it's US, UK and Singapore
https://www.news.com.au/finance/real-estate/european-homebuy…
I'm single and couldn't give a hoot about owning a property. But I genuinely feel sorry for the families trying to buy into the market. It's just ridiculous how overseas investors are allowed to buy up.
I know of a unit that has been empty for 7 years. Overseas investors. Never rented out. These scenarios also add to the rental crisis.
This is what Australians should be taking to the streets about. Protests should happen in the hundreds of thousands to show any government in power that enough is enough. But no, the government want us in debt for life. The system is built and is benefited by not being debt free nor owning your house out right.
Same old racist scare mongering articles like in 2016-2017
these racists forgot the price increased even during Covid. Time to blame white people for most economic problems
The problem is it works. Started in Europe with sky news etc. Then when they get in power, they basically do the same thing.
If its mot the chinese buying up the properties, it will be somebody else… it all boils down to the fact you just do t earn enough to live where you think you can afford to live. You need to match your living location expectations with your actual salary.
Wrong.
BS people born here have more right to live in good areas than cashed up blow ins.
I think that non-citizens should not be permitted to buy residential property in Australia. Many Asian countries restrict foreign ownership of property. It is only reasonable that we do the same.
Many Asian countries
I dont think it is that many and it is only for the purchase of land. You can still buy apartments. Only 3 comes to mind (Indonesia, Thailand and Vietnam) and there are ways around the restrictions so it is not totally impossible.
China and the Philippines also have restrictions.
China has just needs that person to live, worked or study for 1 year which essentially considers you a "resident". Australia also has some restrictions on properties also. Non-residents can only buy new dwellings or estalished dwelling for redevlopment. Temporary residents can buy but must sell upon leaving the country. Whether all these are enforced is a separate question. The Australian government does have some restrictions in place for non-residents.
If Australia were to restrict purchase of properties based on Citizenship, the biggest market that will be hurt is actually the people from UK, not the Chinese.
@KaTst3R: Are you sure about that? I suggest you read this: https://www.afr.com/property/commercial/china-tops-the-list-…
Malaysia, China, Philippines, Japan & Korea also all have tight restrictions.
The work-around for buying apartments in a number of those places is that you have to establish a business first, be employing a certain number of locals and then you can buy into an apartment via your registered business - however that usually comes with the caveat that 51% of the ownership of that apartment has to be held by a Citizen (it really just exists as a way for wealthy foreigners who marry a local to move their assets or wealth into the country).
Where that isn't the place, you tend to only be able to buy into apartments that are specifically set aside on land for foreign owners and they have to be of a specific value and type. The land/apartments are also typically on leasehold land, not freehold. Which means at the end of a period of years, you will have to sell the land back to a citizen of the country or it's government and move on, unless you become a full citizen and renounce your Australian citizenship - which at that point they'll transition the title of your property from leasehold to freehold so you can own it outright.
Yes, because stopping the 1% of foreign investors from buying houses will definitely fix things and not just leave said houses sitting there for boomer investors to snap up instead - you know, the much, much larger problem that sadly doesn't let people blame TeH fOregIngErs
Username checks outs
Hey, there's no need to be rude
As with all things the pollies have the power to change laws to ensure affordable housing for Australians, but they won't as its profiting them and their mates.
Just like how we are losing free healthcare, paying more taxes with loss of LMITO tax offset, and and at the same time paying hundreds of Billions for AUKUS nuclear submarines.
First home owners are on a very different market tier to luxury homes in Toorak. <1M properties vs 5+M properties are not a good comparison. There's different growth patterns in luxury homes compared to entry level homes.
Also look at stats from ABS rather than news.com.au. E.g. https://www.abs.gov.au/statistics/economy/international-trad….
Somewhere in the world, people are complaining about our investments in their countries
Exactly, the articles kept referring to terms like luxury etc. If the Chinese are snapping up the expensive properties, that means the first home buyers are in a totally different market from the foreigners. People need to use some logic here when reading articles like this. I know a Chinese family in the market for a $5m + house in Eastern or Northern Sydney cash payment. They dont give a shit about the $1m to $2m houses in the western suburbs or apartments. So if the rich Chinese are not buying them, who is? The Aussies of course. We are driving up our own prices at affordable price points. Nothing to do with the foreigners.
The article talks mostly about more wealthy suburbs, however the government data available shows that the average residential purchase from Chinese investors is approx $650K and the context of those purchases is commonly by over-paying at auction. That does put them right in line to compete with many first home buyers & they are literally competing via a proxy at auctions with the first home buyers.
most likely missing some explanation for that number, considering the average property in Sydney and Melbourne are around 800-1mil
Where can you buy property for 650k… thats a lot of below average property they're buying… there must be a tonne of them to make for the billions they're pouring into Australia
thats a lot of below average property they're buying… there must be a tonne of them to make for the billions they're pouring into Australia
That's exactly the point.
They've been buying up all the lower-middle end portion of the market, which competes directly with first home buyers and also Australian investors looking to invest into the rental unit market.
Chinese investment in property is only a problem insofar as we have mistakenly MADE it an investment.
The current mantra is that property is a safe, low-tax, investment that “only goes up.”
Get a government that doesn’t agree to this mantra, and makes it a risky investment, rife with tax - as it should be… and I’m not sure which will leave faster: the Chinese, or the entire crisis altogether.
Unfortunately, it will still lead to skyrocketed price. No investor, no supply, price increase.
I believe Australia has done this in the past (around 80s) and reintroduce the negative gearing again.
We never saw skyrocketting prices in the days housing was not treated as an investment, but we do now. So simply nonsense.
If anything, we will probably see vacant stock go on the market because investors won’t be speculating on it.
Yup. It is out of our control, unless we are the policy maker.
I'm Chinese but born here, but many years ago I would feel the same sentiments towards them as well. But looking at it from a different standpoint, if you were them, and you had that capacity and you wanted to live, buy or park your money in a country you deem safe, and lets say you play by the rules, then what's exactly wrong?
I would blame it solely on our utterly useless Governments. I would also blame it entirely on our voting population for continuing to vote for parties and people who don't care about our own people.
They call Australia the lucky country, we sure are, but we are akin to a person who, out of luck, inherits great wealth but do not know how to appropriately make good use of it.
Lets face it, why have we gotten to this point where the entire economy seemingly only wants to bend over backwards for foreign investments and to have people bring the money into the country. It just feels like this is all we are good at, selling our own people short, attract foreign investments, and reap the investments through our complicated taxation system.
We don't manufacture anything in this country, our luck is based on our natural resources, where we dig shit out of the ground and sell it. But the biggest thing I never understand is, why don't we as a nation do that ourselves? Dig the shit ourselves and sell it ourselves, instead we have mining companies that come and dig shit and just pay taxes on it, why can't we get a bigger piece of the pie? How can a country like Norway create such a large sovereign fund for their future, while Australia is taxing the hell out of their own people, then spend a crap ton on the Aged Pension, then basically leave all the debt to the future generations?
Poor policy is really what got us up to this stage, now they can't undo any of it. Making property a big piece of investment sector has majorly screwed with so many things. Instead of investing in companies that can lead to greater innovation for our society, people end up investing in property, largely, the land, something that brings shit all innovation.
Sir/ma’am it’s illegal to bring facts to this senseless argument. More “they toook yer jerbs”.
I agree, Australia love to outsource everything and export all our valuable minerals. We have huge deposits or Uranium but we too scared to invest, but it’s okay burning dinosaurs.
Well for starters to play by the rules would mean only bringing 50k in a year overseas which the cash buyers clearly aren't. So legally they aren't playing by the rules at all. It's money laundering, plain and simple, and the pathetic procession of govts who have purposely not applied AML checks on property are complicit with.
Agree 100% on your comments about this country just selling everything short and not investing the future. Particularly allowing the manufacturing sector to die. Nothing productive happens in this nation anymore.
I think there's no doubt there are ones that pulling the dodgy with money laundering, but it's nothing unique to just Chinese people, there's a lot of other rich non-Chinese people laundering as well. Again this is Australia's weak ass point, we have weak anti money laundering measures. I don't think our politicians care, probably think it's great to bring even more money into the country.
Our country is really pathetic, with so much opportunities, our geographic advantage being isolated, and also our abundant of resources, yet we run this country like amateurs.
btw, the full quote around the lucky country is:
Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people's ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise.
Exactly, I was going to add that quote! Its the #1 misrepresented quote about the country, taken as a positive "envy of the world" when the reality is the opposite.
It's like a loud, dumb Moe Szyslak echo chamber in here
"Immigants - I knew it was them! Even when it was the boomers bears, I knew it was them!"
Succulent Chinese investors. What is the crime? For simply buying a property?
One reason why overseas buyers are buying Australia properties. Capital growth.
They believe the property market is always growing in Australia with basic economy principle. High demand, low supply.
The biggest problem in majority is everyone wants the best location with best quality property which is impossible.
In reality, if you earn $100k pa with $100k deposit, you can buy a property worth $500k.
Learn from the Chinese = Generational Wealth
Your wealth growth will be compound or even exponential rather than linear.
With the current falling property prices in China, Evergrande and Country Garden in severe trouble, and a huge oversupply of empty properties, I would be cautious about lionizing Chinese as being inherently smart investors.
Hes talking about Generational wealth
The Chinese/Asians put everything towards their kids
Some of those Asians you see at auctions are kids of refugees, the parents are living like paupers, but are giving their kids 500k towards their property.
The kids may have grown in poverty but have had parents who give them everything to help them succeed
These are kids not kicked out at 18…
The Chinese own nothing, their government controls it all & their citizens just function as living breathing ATM's for the communist party to spend on what ever they like.
Their government pisses it away absurdly and they are the embodiment of poor financial management in about every imaginable way.
Same effect as too many immigrants causing rental and housing prices for Australians to go through the roof.
Also, why are they allowed land in Australia when we cannot buy land in china?
The property "issue" is easily explained. Price is related to demand and supply. Real estate agents+ builders don't list every home causing price rises. Plus things like the banks buying up large amounts of homes. I think these groups would be more influential than "Chinese".
Many many Aussie politicians have more than one property, some have multiple properties.
Your point been?
This is a capitalist society so don't be alarmed
Needs to be limited to luxury real estate only. If at all. Anything classed as affordable housing should be off the table for foreigners.
Classic fear mongering. Blame the immigrants.
It's domestic landlords that maintain huge portfolios in the billions.
I guess this is relevant:
https://www.youtube.com/watch?v=uql_4-Opxs4
It won't just be Chinese it will be any nation with wealth that needs to find a home (so to speak), but I suspect the bulk currently are Chinese.
Fact is the money is often laundered into the country as Australia has virtually non existent anti-money laundering legislation specifically against property. Literally every other asset class falls under tight AML checks.
It's not "capitalism" as some people like to say. It's corruption and people in power with vested interests happy to have it happen under their watch. There is no plan or end game, just more selling off everything we have to the highest bidder (even our education system is now largely an export market) which means fewer people who live here will be able to afford to.
Also, ignore the dismissals "oh it's a low number meh", the FIRB has been specifically withholding requests for these statistics under the freedom of information act as they know the numbers are extremely high. The FIRB is a toothless tiger as they rubber stamp every application. Anyone who has been attempting to enter the market will already know what's going on.
The problem is not the people buying the properties. Chinese are a favourite media target, but any other investor could do the exact same damage. The problem is not the player, it is the game. This absurd system of turning housing into an investment is the problem. Newer generations and immigrants are exploited to the benefit of boomers that thrive on rentism that adds nothing to the Economy. Fight against this system, support protests, vote Teals/independents that denounce this system.
God forbid we talk about all the non-Asians/whatever race that have multiple portfolios of investment properties!
But instead, let's blame the immigrants and foreigners.
Here we go, let's turn any question of excessive foreign ownership into a zomg racist talk.
Was living in Canada and spent most my time in Vancouver,
It felt super dystopian due to cost of living for locals from jacked up markets.
https://youtu.be/PT8OU8Yhs_s?si=3u4cCtpMASpjOdo6
Homelessness and social is going to trigger a massive social and business issues locally as the system prioritises money over community.
It's already in North America from Vancouver down to San Diego.
It's only a matter of time here.
Most people that transfer money from overseas aren't doing money laundry, which only applies to money that was made illegally or untaxed. In reality, it's mostly people's lifetime savings, or inheritances from family members, or simply the money they got after selling overseas properties.
In NSW, foreign investors are only allowed to buy brand new properties, and there's this foreign owner surcharge on land tax, the surcharge rate is:
0.75 per cent from the 2017 land tax year, and
two per cent from the 2018 land tax year onwards
four per cent from the 2023 land tax year onwards.
There is also no tax-free threshold for them. (so even a 600k unit will be taxed)
A simple example, a 2mil house in sydney's land value is about 1mil, so those foreign investors will have to pay $40,000 land surcharge tax 'every year'. That is quite a lot of money for almost all families. And it's very likely for government to increase this rate further in the future, it was only 0.75% in 2017 and now it's 4% in 2023.
However, due to international tax agreements entered into by the Federal Government, you will not have to pay foreign owner surcharge if you are a citizen of New Zealand, South Africa, Germany, Finland, Japan, Norway, India or Switzerland.
China isn't even on that list… so if it's really the chinese people buying up all the properties, at least they contribute a lot of land tax surcharge to the government every year.
I personally think that the so-called international tax agreements is dumb, and all foreign investors should all pay the surcharge. And the government should increase the surcharge rate further if the market stays too hot.
As for how to solve the housing crisis…there's nothing new really…
just my 2cents
In NSW, foreign investors are only allowed to buy brand new properties
I believe there are ways around this. ie. if it's to knock down and build they can still buy it.
Something worth emphasizing is that a chinese citizen can only move 50k offshore legally per year. For them to be buying with cash (which you hear a lot of) then plenty of laundry has been done.
The surcharge only helps if the proceeds go to something that, say, increases supply or offsets the living conditions falling for the locals. I suspect it does none of that. As it stands it's just another "sell off everything" pyramid scheme which benefits the few at the expense of the many.
The 50k figure per year is in usd, so it'll be a bit more in terms of aud. (about 77k aud). The way they do it is asking their family/relatives to transfer the money for them, because most of them have no use of that 50k USD exchange limit.
The foreign investor surcharge alone makes property investment a really poor investment choice for chinese buyers at the moment. 4% on land value 'every year' is really a lot of money.
Some real estate agents probably don't even mention it to the buyers.
It's just the government should impose this kind of surcharge on all foreign buyers.
Last 15 Auctions I’ve been to around Syd like maybe ONE of them I thought was a foreign investor from China. Others have been Vietnamese (Australian citizens), Lebanese, Indians, Mixed couples (White+Asian). - Think you’ve been letting the xenophobic rhetoric get to ur noggin.. and at the end of the Day govt loves (Foreign, Chinese investors included).
So to answer your question the effects of foreign investment helps keeps our property market inflated. People in it are happy people who aren’t are not.
That's because foreign investors use local realestate agents and accountants/agents as "proxy" bidders at auctions, to purchase the land on behalf of them. They don't actually ever appear at an auction themselves, they are on the phone with the proxy in attendance the whole time. If you've ever seen someone with a bluetooth ear piece in, or on a mobile while at an Auction, you are likely looking at a proxy who is bidding on behalf of a foreign investor.
They are not buying in the areas you are buying…so many articles are click bait…look at the facts, so many bogans jump onto stories like this because they don't have the capacity to actually do the research themselves.
The so called 'Chinese' will not be buying anywhere near where the cheap bogans live…
Government data shows the average residential real-estate purchase Chinese investors are making is approx $650K.
That's decent in some states, nothing but a 1 bedroom unit in others.
Articles like these are simply discussing how in the past 12 months, purchases separate to this in the above $1mil portion of the mark from Chinese investors has increased at a staggering rate of more than 400%.
Just a question: How does an observer know these are Chinese foreign nationals buying up property? Did they ask them? Just because someone looks to be Chinese and speaks Mandarin doesn't mean they aren't an Australian citizen, and just as entitled to buy the property as anyone else.
There's a bit of a confirmation bias too. I suspect most of the "international cashed up china buyers" are Australian eastern/southeast asians but I guess they all look the same and god forbid asians buying up homes in Australia because homes belong to blonde haired white Australians only