Chinese buying Sydney Property & Pushing Aussies Out of Market

[HomeBuyAU]

Home prices in Sydney are being pushed up in part by unprecedented levels of Chinese demand, according to McGrath Estate Agents.

from: http://www.smh.com.au/business/prop...rd-rate-says-john-mcgrath-20130913-2tocn.html

Apparently the market in Sydney is seeing as much as 80% Chinese buyers....

Will this be beneficial for Australians or are Aussies losing out now?

Will places like Newcastle see an influx of Aussies getting pushed out of the Sydney market by the Chinese.

Will Sydney become the NEW China in the future where 90% or more residents will be foreigners and most of them Chinese?

Should Australia bring in laws to prevent foreigners buying homes or limit them to owning certain buildings, like just being allowed to own apartments or new homes?

I just hope the building standards don't go down the drain and we see cheap Chinese made....

 

[Aaron_C]

You do realise that a lot of the Chinese who are buying actually have Australian passports?

 

[see_change]

There are limits for non residents . Can only buy new .

So if they're buying 80 % then it's in new units , or they're Australian residents and buying in a area favoured by Chinese , or maybe both . Eg Chatswood , or around certain schools .

I think it's a bit of a beat up myself , but personally if my properties are going up in value , I'm not fussy who buys them

Cliff

 

[nhg]

Yeah... will have to go with Aaron on this one.

 

[Terry_w]

from: http://www.smh.com.au/business/prop...rd-rate-says-john-mcgrath-20130913-2tocn.html

Apparently the market in Sydney is seeing as much as 80% Chinese buyers....

Will this be beneficial for Australians or are Aussies losing out now?

Will places like Newcastle see an influx of Aussies getting pushed out of the Sydney market by the Chinese.

Will Sydney become the NEW China in the future where 90% or more residents will be foreigners and most of them Chinese?

Should Australia bring in laws to prevent foreigners buying homes or limit them to owning certain buildings, like just being allowed to own apartments or new homes?

I just hope the building standards don't go down the drain and we see cheap Chinese made....

Sounds like today tonight - poor aussie battlers!

What is the definition of "Chinese"?

 

[devank]

I think the ownership of a land should be with an Australian Citizen.

 

[westminster]

from: http://www.smh.com.au/business/prop...rd-rate-says-john-mcgrath-20130913-2tocn.html

Apparently the market in Sydney is seeing as much as 80% Chinese buyers....

Will this be beneficial for Australians or are Aussies losing out now?

Will places like Newcastle see an influx of Aussies getting pushed out of the Sydney market by the Chinese.

Will Sydney become the NEW China in the future where 90% or more residents will be foreigners and most of them Chinese?

Should Australia bring in laws to prevent foreigners buying homes or limit them to owning certain buildings, like just being allowed to own apartments or new homes?

I just hope the building standards don't go down the drain and we see cheap Chinese made....

I'm having a head slap moment but I fear you are serious.

There already are strict rules about foreigners purchasing in Australia AND they are not driving up prices due to this.

The Chinese these are referencing are people of Chinese culture and heritage - the majority will be Australian citizens or permanent residents.

As such they can buy where, what and how they want with their Australian incomes, Australian taxes and if building then with Australian standards.

I now have a headache from the compulsive head slap I had to do.

 

[westminster]

Sounds like today tonight - poor aussie battlers!

What is the definition of "Chinese"?

Not only are the 457s taking all their jobs but their buying all their house - waaaaah. And the only houses left over are being bought by those rich cat property investors. Waaaahhhhhh

 

[TMNT]

so who cares if the chinese ethnicities are buying them?

and so what if aussies are getting priced out, im sure the other nationalities are getting priced out too!!!!!

supply and demand, higher demand, then prices go up,
its the forces of nature,

if the average aussie "battler" cant buy whatever they believe they are entitled to, then time to change your expectations,

and if it becomes so unaffordable to buy, then the answer is to rent indefinitely, and put your extra $$$ into shares or other asset classes

 

[datto]

TMNT - try and buy land in some foreign countries and they will tell you where to go because they donot want locals priced out of the market by rich foreigners.

 

[datto]

What is the definition of "Chinese"?

A dish consisting of rice fried with soy sauce, veges, a scrambled egg and some prawns. Usually consumed on a Friday night with a lager.

 

[GreenMedallion]

Will this be beneficial for Australians or are Aussies losing out now?

It won't be beneficial in the long run. In the short term it is only beneficial to those selling to foreign investors and getting a great sale price.

Should Australia bring in laws to prevent foreigners buying homes or limit them to owning certain buildings, like just being allowed to own apartments or new homes?

Absolutely we must. Limit investment from foreign nationals to a single transaction not exceeding the sum of 500K in a 1 year period, which if not used, sums together [so after 2 years, if no investment is made, a foreign investor could invest up to 1 million now in a single transaction, before the balance then resets to 0].

That might be a short term strategy although a longer term strategy may be required if in the future [10 years say], you have 20 million Chinese trying to spend 500K each year in Australia.

 

[Singo]

Not only are the 457s taking all their jobs but their buying all their house - waaaaah. And the only houses left over are being bought by those rich cat property investors. Waaaahhhhhh

When I started reading the this thread, thought of the 457 thread. LOL.
I think the buyers are not Chinese but Aussies.

 

[DaveM]

Tonight at 6 - Australia has asian people who buy houses! Its an expose no home owner can afford to miss.

 

[EN710]

if the average aussie "battler" cant buy whatever they believe they are entitled to, then time to change your expectations,

Lol. What is an "average" Australian?? http://www.news.com.au/lifestyle/a-special-breed-of-average-australian/story-fneszs56-1226617731186

Not only are the 457s taking all their jobs but their buying all their house - waaaaah. And the only houses left over are being bought by those rich cat property investors. Waaaahhhhhh

Lol... Love this comment
I know many 457... can tell you it's not all great for them, especially for ones that really consider Australia as permanent home.

 

[GreenMedallion]

A family that spends most of the year in China paid almost half a million dollars above the reserve to secure a fibro waterfront on the Parramatta River on Saturday.

http://smh.domain.com.au/real-estat...s-for-500000-over-reserve-20130916-2tukn.html

 

[Ideo]

Yes. Everyone who has business interests in China is Chinese.

 

[Aaron Sice]

If ever there was a thread warranting a facepalm meme...this would be it.

 

[Richard Feynman]

If ever there was a thread warranting a facepalm meme...this would be it.

 

[o0o]

This one is more intense