A report released by the Australian Treasury reveals that overseas buyers are not the main reasons behind the property price surge in Australia, reports News.com.au (6 December 2016). According to the 'Foreign Investment and Residential Property Price Growth' paper, demand from local buyers – propelled by myriad factors, such as housing supply, interest rates, and financial regulation – had much more of an impact on the price increase than overseas buyers. The paper further states that the majority of foreign approvals had been granted for new properties, which shows foreign demand has been channelled into increasing property supply, as intended. According to Charles Pittar, CEO of Chinese international property website Juwai.com, many Aussies found it “just too easy” to blame offshore buyers for heated property price increase in Melbourne and Sydney. However, the report now proves that foreign investments are, in fact, hugely beneficial for the Australian property market and economy. “Most experts believe Sydney and Melbourne are heading for price slowdowns. If we want to keep adding new homes to the supply despite that, then we need to encourage foreign buyers, rather than push them away,” said Pittar.