Sydney house prices have peaked? Chinese buyers are not happy that 16 people snatch an apartment – Australia News – Sydney
2014-01-29 12:44:46 Source: Sydney Original Website Marieedit
Sydney News January 1th, Australian Eastern Time This month, at a real estate auction, civil servant Tina Ford sold a three-bedroom apartment in Chatswood for A$29 million, and it was shocking that all 100 registered All of the bidders turned out to be Chinese. She said that this is simply incredible.
"I'm so happy, I'm a bit stunned," said the 53-year-old Ford. She added that she was very satisfied with the price of AUD 940000. She did not expect that the apartment she bought 14 years ago (only 11 kilometers away from the CBD) would have doubled the price now. "I guess it's overseas investment. China or other investors have pushed up house prices, but from the seller's point of view, I am ecstatic."
The surging wave of Chinese home purchases from local and Chinese sources has continued to inflate the housing bubble in Sydney and surrounding areas. It is reported that compared with last year, prices in some suburbs of Sydney have risen by 27%, which is three times faster than the entire real estate market.
According to Andrew Wilson, senior economist at Australian Property Monitoring, the neighborhoods with the fastest house price growth are mostly popular with Chinese buyers. "The price increase in some suburbs is something we haven't seen since the beginning of the 21st century."
According to a survey conducted by more than 300 real estate professionals from the National Australia Bank, in the three months to September last year, the proportion of foreigners buying new houses in Australia more than doubled to 9%, the majority in 12.5 At that time this ratio was only 2011%.