After the UK and New Zealand, China is third in the lineup of countries that sends immigrants to Australia. Last financial year, more than 70,000 Chinese arrived in Australia to live permanently, including a steady stream of business migrants and a growing number of students. And they are very welcome. There appears to be little of the racism that so mars other countries. At the moment the writer is seeing a group of specialists at two hospitals in Sydney. All bar one is Chinese. They are all extremely professional, well trained, caring and polite.
In March, Australia’s Foreign Investment Review Board (FIRB) introduced changes to rules governing foreign buyers, including that all apartments in new projects can be sold to foreigners. Previously, only half the apartments in a development could be sold to overseas buyers.
Note this must be kept in perspective. The real estate market is still on its knees in Australia and anything that looks like good news is played to the hilt. So, yes, some Chinese are buying high end properties but, by and large, this is not overly affecting the real estate market in Australia. It is still in the doldrums.
The ‘Chinese effect’ on the majority of properties sold in Australia is minimal. Possibly at the high end but that is not a new story.
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