I posted several times about the FIRB and changes, and the impact it was
having on the housing market...way back in June, and several times since..
this post no. 5333 on 6.6.09.............oh and the media did report it....easy do a google...plenty of hits from April 09
Chinese wealth is boosting our property market.....well in Melbourne anyway..
surely they would be interested in the rest of Australia.....too
oh...btw they are not FHB or buying into the FHB market....
A GROWING number of Chinese people are taking advantage of a relaxation in Australia's foreign investment laws to buy property in Melbourne.
Real estate agents in the eastern suburbs report that up to half the buyers this year have been part-time residents from China, Hong Kong or Taiwan, or Asian companies buying accommodation for their staff.
Auctioneer Robert Ding, of Jellis Craig in Balwyn, started holding auctions in both Mandarin and English in March. A fortnight ago a multilingual auction resulted in the sale of a $1.838 million house in Balwyn.
Agents from Marshall White in Armadale and Hawthorn, are flying to Shanghai this month with plans to establish an office there to draw more Chinese buyers.
"The massive wealth that they've got is quite daunting in some instances," director John Bongiorno said. "What's attracting them is that there's so much space here ”” it's such a safe haven for them to park their money in terms of good real estate. It's a safe lifestyle, great schooling for their children, no pollution and cheap property by their standards."
http://www.theage.com.au/national/ch...0605-bylh.html