First-time buyers and young buyers in Australia are finding it difficult to buy homes due to the wave of Chinese buyers who have been flooding Australia, especially in Sydney and Melbourne, reports The Sydney Morning Herald (10 March 2013). According to a survey by HSBC Bank, over one-third of affluent Asians own properties abroad, and Australia is their top destination. Chinese investment in Australian properties rose 60% over the last 2 years, and while Australia (and many other nations) are eager to welcome the Chinese and the cash flow they bring, it may endanger Australia's record of having one of the world's highest rates of home ownership. This is supported by data from Juwai.com, which indicated that the most popular homes of choice for the Chinese fell under the $550,000 to $750,000 price range – the same price range that most first-time homeowners seek to purchase.
