According to RESERVE Bank governor, Glenn Stevens, affluent Asian homebuyers are pushing up housing prices in Australia, reports the Herald Sun (8 March 2014). However, while burgeoning home prices are causing a headache for first-time local homebuyers, Stevens is certain that demands for both local and foreign property investments would be met accordingly. He also cautioned homebuyers that even though offshore investments by foreign buyers have an impact on prices, the whole situation may have been overemphasised and that house prices may not always rise. Based on a latest analysis by the Chinese government, about 70% of the disposable income for upper-class Chinese are spent on children's education, said Juwai.com Co-CEO, Simon Henry. That equates to an average expenditure of $1 - $1.5 million on homes for their children while studying abroad, and Brighton is the current reigning favourite on the list of desired locales for wealthy Chinese investors, followed by the CBD, Kew, Southbank, Glen Waverley, Richmond, Fitzroy and Box Hill. [This story appeared in print only.]
