The wide-ranging impact of the US-China trade war has led to raised concerns over the Australian economy's heavy reliance on the China market, reports Mortgage Business (18 May 2018). China and Australia's economies are closely intertwined, with China being Australia's largest export partner. According to HSBC Australia chief economist Paul Bloxham, education and tourism have been key drivers of the growth story for Australia over the past five years. This is important to note as Chinese are the largest group of international students and tourists in Australia, and could impact Australia's property market. According to the latest Chinese Consumer International Travel Survey by real estate portal Juwai.com, 92 percent of Chinese consumers plan on taking an overseas trip next year. Of these 92 percent, 77 percent had property purchase intentions, with 60 percent saying they would buy property while 17 percent indicating they would evaluate the possibility.
