Chinese buyers are snapping up 18 per cent of new homes in Sydney, according to one report Photo credit: 8LettersUK
International demand for Australian property has grown significantly in recent years, driven by buyers from China and other Asian markes. Indeed, according to Real Capital Analytics, 74 per cent of overseas investment in residential Australian property came from China, Singapore, Hong Kong, Malaysia and India. A report from Knight Frank in February 2014 found that Australia remained the biggest recipient of Chinese outbound direct investment in real estate.
Demand has grown to the extent that even on TheMoveChannel.com, where Australian property is not particularly prominent, Oz has shot up the charts to become the eighth most popular country on the portal.
According to a recent report from Credit Suisse, Chinese buyers – attracted by the country’s stable economy and relatively low taxes – are investing £2.7 billion in the country’s housing market every year, snapping up 18 per cent of new homes in Sydney and 14 per cent in Melbourne. As a result, house prices have rocketed 45 per cent in the past five years in Sydney, leaving domestic buyers priced …read more
Source: The Movechannel