Chinese buyers are on a property buying spree in Sydney, as they can save A$70,000 on average compared to four years ago, reports The Daily Telegraph (26 February 2016). Based on data from the Juwai.com Chinese Purchasing Power Index – Australia report, the latest property prices in Sydney are lower by more than ¥338,000, which (based on current exchange rate) is equivalent to A$70,000. According to Juwai.com CEO Charles Pittar, this surge in Chinese buyers has also helped keep average prices in Australia from rising faster. “They buy off-the-plan and enable developers to start construction on buildings that otherwise wouldn’t get built. They enable more supply, and that means less price growth,” says Pittar. [This article is available in print only.]
