Chinese Buyers Purchasing 1 Of Every Four Properties in NSW
It's been revealed that Chinese buyers are purchasing one in four new homes in NSW, helping support real estate prices while the property boom is currently ending.
According to a Domain Group report Sydney's housing market is now one of the worst performers, with the median house price falling 1.9 per cent to $1,167,516 in the first quarter of the current financial year.
However, Domain, which is owned by Fairfax Media, says inner city and eastern suburbs prices have dropped by 6 per cent during the same period.
Credit Suisse analysts Hasan Tevfik and Peter Liu wrote in a note to their clients yesterday, "We continue to expect a stronger for longer backdrop for Aussie housing,"
"In 2011, the stock of wealth in China was equivalent to 1.2 times the value of Australian housing. Now it's 2 times. Local incomes are becoming less relevant in determining the outlook for house prices. Regional wealth creation is becoming more relevant."