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Where are the hard numbers in these articles?, the percentage of properties being sold to Chinese?. One article talks about the percentage being purchased from one developer, so what!
The FIRB, strangely, doesn't keep statistics, so they don't exist.
The FIRB, strangely, doesn't keep statistics, so they don't exist.
Fair point but most of the info in those articles is straight from the real-estate industry whom clearly benefit along with banks from higher prices. We all know what happens to realtor's and banks when bubbles pop.
Just to add this tactic is being used in other markets where property bubbles still exist.
Fair point but most of the info in those articles is straight from the real-estate industry whom clearly benefit along with banks from higher prices. We all know what happens to realtor's and banks when bubbles pop.
Anecdotally, I have a friend who is a property developer. Late last year he sold all 103 apartments off the plan in the first three hours that the display centre was open for a building he's building in the Eastern Suburbs of Sydney. Over ninety went to Chinese buyers. That was $70m worth of property and he was ramping the prices up as the day went on and they didn't blink an eye.
Anecdotally, I have a friend who is a property developer. Late last year he sold all 103 apartments off the plan in the first three hours that the display centre was open for a building he's building in the Eastern Suburbs of Sydney. Over ninety went to Chinese buyers. That was $70m worth of property and he was ramping the prices up as the day went on and they didn't blink an eye.
This is a take over, the Chinese are doing it without a shot fired. They probably can't believe their luck and the sell-outs within are happily facilitating it.
Anecdotally, I have a friend who is a property developer. Late last year he sold all 103 apartments off the plan in the first three hours that the display centre was open for a building he's building in the Eastern Suburbs of Sydney. Over ninety went to Chinese buyers. That was $70m worth of property and he was ramping the prices up as the day went on and they didn't blink an eye.
I have certainly noticed the Chinese tend to go for apartments and Sydney prob the highest destination, well believe that.
I think there is a bit of a overreaction, the Chinese are now one of the largest immigrant groups into Aus, obviously they want somewhere to live.
Poms & Kiwis also buy property which in a sense pushes up prices, but largely tend to be less conspicuous and probably mirror more tradition Aus buying habits.
I would just like to see some hard data to decide if there is even a real problem, just seen the media create sheep storms over nothing one too many times.
I have certainly noticed the Chinese tend to go for apartments and Sydney prob the highest destination, well believe that.
I think there is a bit of a overreaction, the Chinese are now one of the largest immigrant groups into Aus, obviously they want somewhere to live.
Poms & Kiwis also buy property which in a sense pushes up prices, but largely tend to be less conspicuous and probably mirror more tradition Aus buying habits.
I would just like to see some hard data to decide if there is even a real problem, just seen the media create sheep storms over nothing one too many times.
The Chinese still have a lot of room in China despite there being 1.3 billion people there. There have been entire cities there built from scratch and no one occupies them, see that documentary about "ghost cities" in China.
They aren't to blame for wanting to move, its the big businesses and government at fault for bringing in such large numbers of them. The Chinese by themselves make up 5% of the population and another 12% of the population are 'visible' minorities.
These numbers are going to double by next decade if immigration is not reduced and controlled. The cow is being sold instead of the milk thanks to sold-out corrupt bureaucrats.
I have certainly noticed the Chinese tend to go for apartments and Sydney prob the highest destination, well believe that.
I think there is a bit of a overreaction, the Chinese are now one of the largest immigrant groups into Aus, obviously they want somewhere to live.
Poms & Kiwis also buy property which in a sense pushes up prices, but largely tend to be less conspicuous and probably mirror more tradition Aus buying habits.
I would just like to see some hard data to decide if there is even a real problem, just seen the media create sheep storms over nothing one too many times.
I think the primary issue is that many Chinese don't view property as an investment but as a store of value.
The Chinese still have a lot of room in China despite there being 1.3 billion people there. There have been entire cities there built from scratch and no one occupies them, see that documentary about "ghost cities" in China.
They aren't to blame for wanting to move, its the big businesses and government at fault for bringing in such large numbers of them. The Chinese by themselves make up 5% of the population and another 12% of the population are 'visible' minorities.
These numbers are going to double by next decade if immigration is not reduced and controlled. The cow is being sold instead of the milk thanks to sold-out corrupt bureaucrats.
I am very aware of the Chinese housing bubble with ghost cities and the end of that story is yet to play out, and sure Aus is likely a lot better place to live than China
I was not aware Chinese/Asian people are inferior to European decent people and the flow needed to be stopped?. Lets keep in mind Australia is a immigration nation, nearly 50% of Australians right now were not born here or have a parent not born here.
If the 1.2 million Poms went home tomorrow that would SIGNIFICANTLY lower house prices....................... so its the Poms fault!!. Its all about perspective!
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. I would be buying up in a market that has ALREADY crashed if I was Chinese.
