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Locals priced out by $24b Chinese property splurge
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.
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.
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http://www.smh.com.au/business/property/locals-priced-out-by-24b-chinese-property-splurge-20140305-346hd.html
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