• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 10 of 54

Threaded View

  1. #1
    Join Date
    Sep 2003
    Location
    High up above and deep down under
    Posts
    10,915

    Default Locals priced out by $24b Chinese property splurge

    Locals priced out by $24b Chinese property splurge

    Date March 5, 2014 - 5:13PM
    Max Mason

    Business Reporter




    Buyers at a display centre. Photo: Janie Barrett



    Close to one fifth of new properties in Sydney are being bought by wealthy Chinese investors and the flood of money is set to continue.
    A generation of Australians are being priced out of the property market.
    Using data from the Australian Bureau of Statistics and the Foreign Investment Review Board, Credit Suisse estimates that Chinese buyers account for 18 per cent of new property purchases in Sydney, and 14 per cent of the supply in Melbourne. This does not include second-hand homes.
    Chinese buyers are keen on east-coast property.

    ‘‘A generation of Australians are being priced out of the property market. Many face a life time of renting,’’ Credit Suisse analysts Hasan Tevfik and Damien Boey said.
    Advertisement
    There are currently 1.1 million millionaires in China who could easily afford properties in Australia’s two most expensive markets, Credit Suisse says in a research note.
    Wealthy Chinese buyers have purchased $24 billion of Australia housing in the past seven years, and over the next seven years an additional $44 billion will be spent on residential property, Credit Suisse estimates.
    Chinese top the list of foreign investors in Australian residential property.

    There was $17.2 billion worth of approved residential property investment coming in from overseas in the year June 30 2013, down from $19.7 billion in the previous period, according to the Foreign Investment Review Board.
    Of the 2013 total, $5.6 billion was approved for residential properties in New South Wales.
    That number may seem large, but across the whole property market the effect dissipates.
    There is, on average, a 6 per cent turnover annually in Australia’s property, according to the Reserve Bank of Australia.
    The total value of Australia’s property market is $5.02 trillion, according to the ABS, so yearly turnover in the housing sector would is roughly $360 billion.
    Chinese buyers are currently spending $5.4 billion a year on Australian properties, Credit Suisse said, with the split relatively even between new settlers and others, which include investors, developers and temporary residents.


    Read more: http://www.smh.com.au/business/prope...#ixzz2v4iCTxTX
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Replies: 36
    Last Post: 14-08-2015, 07:10 PM
  2. Chinese are using property as a ticket into this country. HERALD.
    By McDuck in forum Property Investment (NZ)
    Replies: 49
    Last Post: 18-02-2013, 11:26 AM
  3. Foreigners outspend locals on Queensland residential property in 2011
    By muppet in forum Property Investment (Oz)
    Replies: 4
    Last Post: 07-01-2012, 01:44 AM
  4. Chinese-fuelled Melbourne Property Boom
    By ozharp in forum Property Investment (NZ)
    Replies: 13
    Last Post: 16-09-2010, 01:55 AM
  5. Wealthy migrants pricing locals out of Sydney property market
    By jenny_pt in forum Property Investment (Oz)
    Replies: 1
    Last Post: 29-01-2010, 10:39 PM
  6. Low and medium-high income earners priced out of property market
    By jenny_pt in forum Property Investment (Oz)
    Replies: 0
    Last Post: 15-09-2009, 12:01 PM
  7. Low and medium-high income earners priced out of property market
    By Viking in forum Property Investment (NZ)
    Replies: 0
    Last Post: 14-09-2009, 10:22 PM
  8. Investors' housing splurge
    By muppet in forum Property Investment (Oz)
    Replies: 0
    Last Post: 26-02-2008, 08:50 AM
  9. 'Gents' deal' stings locals - CHB
    By muppet in forum Regions News (NZ)
    Replies: 0
    Last Post: 03-10-2007, 06:16 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •