Chinese buyers are driving property markets and prices in the US, Canada, Australia, and New Zealand, reports Business Insider (10 June 2018). Leading residential real estate brokerages in these countries have long been marketing heavily into the China market, such as Berkshire Hathaway HomeServices, who entered a marketing agreement with Chinese real estate platform Juwai.com last year. According to Juwai.com, Chinese property buyers are set to invest $1.5 trillion into overseas assets over the next ten years – half of which is likely to benefit the overseas property market. However, surging Chinese buyer interest have also led to soaring housing prices, which saw several local governments implementing foreign buyer taxes to cool their respective housing markets. To date, these policies have produced mixed results, with home prices decreasing in both Toronto and Sydney, while housing prices in Vancouver and other cities continue rising.
