It’s comical sometimes, at News:
A surge in interest from Chinese investors has sparked renewed fears foreign buyers will drive up the price of Australian housing and leave local first home buyers out in the cold.
The Australian property sector has been battered during the coronavirus pandemic as unemployment soars, border closures limit access for buyers and social distancing saw inspections and auctions temporarily cancelled.
Despite this, data from Chinese property portal Juwai IQI showed interest in the Australian market remained strong.
In the first quarter of the year, Chinese enquiries dropped 14 per cent but this was only slight compared to the whopping 40 per cent drop from Australian buyers.
This sent tongues wagging and stoked fears Aussies would be outpriced amid problematic commentary already littered with anti-Chinese sentiment.
“China is back in business much earlier than the rest of the world,” the portal’s George Chmiel told A Current Affair.
He said Australia is a popular site for investment because the weakened dollar provides a buffer for foreign conversion while its universities, market strength and success in containing the pandemic means the economy should get a head start on the US and UK.
The -14% “surge” in interest is sure to continue the dominant trend of an outright collapse…to new highs:
The push lower…to a new peak…is understandable given Chinese and Australian borders are sealed shut, capital controls have locked capital inside China and the broader deterioration in the relationship.
Indeed, Juwai and News were heard to say that the Q1 crash…to all-time high interest…could only be bettered if an asteroid instantly vapourised 1.4bn Chinese people. An outcome they assure us is imminent.
Last chance to buy!