Chinese Property Buyers Are Warping The Australian Market

 

Recently in Sydney’s trendy Darling Harbor district, a new high-end housing project of 581 apartments sold out in just five hours. One third of these flats — costing from 800,000 Australian dollars ($611,000) for a one-bedroom unit to more than 10 million ($7.6 million) for a luxury penthouse loft — were sold to buyers from China.

In recent years Chinese buyers have become a torrent in Australia’s real estate market, and the top real estate agencies all hire Chinese speakers to cater to these customers. Since last year, China has surpassed the U.S. as Australia’s largest investor, which is largely due to real estate, which accounts for 84% of Chinese total investment in the country.

Read more at WorldCrunch.