A recent report by investment bank Crédit Suisse shows foreign buyers account for 25% and 16% of new home purchases in New South Wales and Victoria, respectively, reports Mingtiandi (28 March 2017). In Australia, foreign buyers are only allowed to buy newly-built homes and off-the-plan property, and 80% of those foreign buyers hail from China. “It’s no coincidence that the construction boom was simultaneous with the surge in Chinese buying,” says Charles Pittar, CEO of Juwai.com, China's leading real estate platform. “Chinese are more likely to buy new property in the pre-construction phase, giving developers the commitments they need to start construction and offer the remaining completed units to local buyers,” said Pittar.