New research from analysts at Credit Suisse shows that foreign buyers from China are behind the rapidly growing property prices in New South Wales – and pushing hard-working Australians out of the market.
According to the data, Chinese buyers account for nearly 80 per cent of all foreign property investments, spending $4.9 BILLION each year to buy 25 per cent of all new builds in NSW.
Since 2009, house prices in Sydney have skyrocketed by 106 per cent and these figures suggest that “the level of foreign investor activity in the housing markets has been a significant driver of [this] price growth”.
This shocking news comes after it was announced that the federal government plans to expand anti-money laundering laws to account for the $1bn in dodgy Chinese property deals being tracked by AUSTRAC.
This is comes after it was revealed that China spent a record $2.4 billion buying residential land in Australia, accounting for over a third of all Australian real estate trade in 2016.
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