Chinese to splurge $50 billion on Australian homes: Study
Published on Mar 5, 2014 3:58 PM
SYDNEY (AFP) - Wealthy Chinese will pour A$44 billion (S$50 billion) into Australian real estate over the next seven years, potentially pushing prices in one of the world's most expensive housing markets even higher, a study said on Wednesday.
Investment bank Credit Suisse used data from the Foreign Investment Review Board and other government agencies to estimate the amount of Chinese investment in Australian residential property at more than Aus$5 billion a year.
"They purchased A$24 billion of Australian housing over the past seven years; we forecast they will purchase A$44 billion over the next seven, to 2020," it said.
As the Asian powerhouse becomes richer, the ranks of those who could easily afford Australian real estate will swell beyond the current 1.1 million people, with implications for Australian home-buyers, it said.
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