There’s some bodice-ripping going on at Domainfax today as it tries desperately to absorb the horrible truth that Australia’s Chinese property boom is over. First, it tries to revive it with a swathe of supposed myths busted:
1. Overseas Chinese investors are pricing Australian first home buyers out of the market
2. Chinese buyers with endless financial means are bringing suitcases full of money
3. Chinese buyers tend to overpay on properties
4. Chinese buyers aren’t concerned about dwelling size
5. Chinese investors leave apartments and houses empty because they’re not chasing rental return.
6. Most Chinese buyers shun properties with a street number 4, and the right number play a big part in their decision making
The only sources are the usual industry insiders beavering away at breaking the law. All of the above were true enough in some measure to be material for the property market based on the anecdotal and circumstantial evidence.
