Asian influence Aussie real estate
Property prices in Sydney and Melbourne are being driven sky high, caused in part to a high influx of Asian migrants.
The cost of Sydney real estate has rocketed in the last year and together with Melbourne, the two cities rank among the most costly property markets across Australia. Large numbers of buyers from China are travelling to the country to purchase property as an investment.
According to one city real estate agent, two yers ago 5 per cent of sales were attributed to Chinese investors buying property for their children to inhabit while studying in the country; by the end of 2009, this figure had tripled to 16 per cent.
Already in short supply as the cost of Melbourne and Sydney real estate escalates, local buyers are being priced out of the market.
Local estate agents servicing the two cities cater particularly for investment buyers from China and note that the properties most sought after by the Chinese are nearer the top end of the market.