Chinese property buyers are not snapping up everything in Australia, reports Property Observer (2 May 2018). Juwai.com Chairman Georg Chmiel recently caught up with legendary Sydney celebrity real estate agent Bill Malouf on the latest Australian property trends, including Chinese demand in Sydney. “At the top end of the market, the Asian buyer has definitely been looking at the Eastern Suburbs for the next generation,” said Malouf. According to Malouf, the misconception that Chinese buyers are edging out local homebuyers is not true, though. “There is a fallacy that Asians are buying everything. That is not correct. A lot of waterfront sales are to Australian citizens who are upgrading and not to the Chinese market,” he said. Malouf also dismissed naysayer predictions of a 50% drop in the Australian property market, especially in Sydney. He explained that the housing shortage is in fact driving the Sydney market, and keeping the Eastern Suburbs market extremely buoyant.
