From the AFR:
Compass Global Markets chief executive officer Andrew Su said in recent weeks he has received higher levels of inquiry from Chinese clients looking to make foreign exchange transactions in a bid to buy property.
…“They’re in touch, and they tell me property is looking a lot more affordable now.”
Many Chinese are capitalising on foreign currency moves to buy higher quality apartments than what they originally set out to buy, CBRE project marketing director Peter Li said.
“I think the number of people in the market will stay the same, but they can now afford a higher-end product,” Mr Li said.
From a sample of one spruiker, it seems there is no shortage of greater foreign fools. The dollar has far yet to fall.
My advice for any local in the bracket for a foreign property sale is hit the bid!
