inb4 Chinese own every inner property in Australia
One of the higher ups at work sold his house for around 2 mil...the girl doing the negotiations was 18 years old. Parents bought the place for her (well obviously). There are more wealthy Chinese in China than there are average income Australians and for as long as the wealthy Chinese are allowed to buy their way into permanent residency with a zero turnover business and a few million in assets, these sorts of property purchases will continue, forcing everyone else to the fringe. Sadly only have the sellers to blame who are of course going to take the highest me offer, but selling out the property market to overseas in the process.
Have been saying this will happen for 8 years and now it's topic of the lunchroom at work everytime I'm in there
Wonder how bad that will get before anything actually gets done about it, if at all? This is exactly what happened to Singapore...