Foreign investors push first home buyers out of property market
There are concerns that foreign interest in Australian residential property is pushing up prices, making it harder for local first home buyers to enter the market.
Chinese interest in Australian residential property is booming, with chief executive of McGrath Estate Agents John McGrath describing it as the biggest surge from an offshore market in his 30 years in real estate.
"In some suburbs 90 per cent of new product will sell to Chinese buyers," he said.Will prime minister Tony Abbott (the "conservative") intervene to allow local buyers a chance of buying their own home? Probably not. He probably has wealthy businessmen in his ear telling him not to offend the Chinese, so they can sell their goods. Sydney will soon be a completely Asian city.
Cashed-up buyers are snapping up everything from luxury harbour-side property in Sydney to apartments bought off the plan in Sydney, Melbourne the Gold Coast and Perth.
File under: country for sale.

