Overdemand for Australian homes by Chinese buyers are one of the main reasons for jacked up median house prices in Sydney, reports The Guardian (17 February 2014). Leaping up as much as 15% – 27%, local Australians are increasingly finding it difficult to buy a home at auctions. Property agents, however, are reaping the benefits. Astute brokers are maximising all they can do to attract more Chinese investors – from advertising properties in Mandarin to travelling to China to promote their properties. According to leading international property portal, Juwai.com, Chinese buyers increase nine-fold in Australia – the fastest growth compared to any other country.
