Indians behind Melbourne’s house-and-land bubble

The relentless symbiosis between property developers and Australia’s massive immigration program has been illustrated again, with Indian migrants taking control of Melbourne’s house-and-land market. From The Age:

Villawood Properties, which specialises in residential land developments in Melbourne’s outer suburbs, says the number of Indian-born buyers on their housing estates has jumped from 12 per cent to 34 per cent within five years.

“At the height of the frenzy of buying early last year before the financial services royal commission, the number of Indian buyers across all greenfield projects was probably getting up to 70 to 80 per cent,” says Villawood Properties executive director Rory Costelloe…

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