PHOTO: Chinese buyers
Chinese buyers are snapping up Aussie real estate. But a prominent former politician had a simple response for those concerned.
Concerns about Chinese buyers snapping up property, leading to higher prices, is a common bugbear among prospective homeowners.
Foreign investors are thought to own around 500,000 Australian homes, many of those in Sydney and Melbourne.
But former Foreign Minister and New South Wales Premier Bob Carr has a simple response to those who are concerned about the influx of Chinese, and other nations, cash into Australian property: “Get over it”.
The Government’s Foreign Investment Review Board (FIRB), which regulates overseas investment in Australia, states China is second only to the US when it comes to countries splashing the cash down under.
“The US recorded an increase in approved investment from $26.5 billion in 2016-17 to $36.5 billion in 2017-18, with significant increases in real estate,” FIRB’s most recent annual report stated.
“China was the second largest source country following a decrease in approved proposed investment to $23.7 billion in 2017-18 from $38.9 billion in 2016-17.”
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