Saw this in the newspaper today and thought it might be of interest to people on here:
Melbourne property prices being driven up by overseas Chinese
No Cookies | Herald Sun - LOL that auto changed to "No Cookies" which sounds really sad it should say Melbourne property prices being driven up by overseas Chinese | Herald Sun
Chinese investors from overseas are rapidly buying up Melbourne’s new properties. Picture: Thinkstock Source: Supplied
INVESTORS in China are buying 14 per cent of Melbourne’s new housing supply and driving up prices, according to a new report.
Just days ago the Foreign Investment Review Board revealed Chinese investment in Australian property for the 2012-13 financial year amounted to more than $5.9 billion, and that Victoria had the nation’s highest number of approvals for proposed real estate investment.
The value of all foreign residential investment approvals in Victoria totalled $5.78 billion in that period.
Figures out on Wednesday revealed Melbourne is the capital for Significant Foreign Investor applications, attracting more than half of Chinese applications, which make up 90 per cent of the total.
An Australian investment strategy report from investment advice group Credit Suisse estimates the figure for total residential investment by Chinese in Australia, based on FIRB, Immigration and Bureau of Statistics figures, could be $5.4 billion.
I love to shop!