I put it to you that this is one major reason why Sydney property is crashing and Melbourne trailing it down. From Domain:
Foreigners are again making an impression on Sydney’s trophy home market but it isn’t the purchase of high-end mansions and penthouses keeping agents busy. It’s all about selling the Sydney home.
Experts on China point to the economic and political environment in that country for prompting many investors to pull out of the residential market here, but local agents say the state government’s recently introduced land tax and fears of a steeper property market downturn are fuelling the sell-off.
