Hardly a weekend goes by when the impact of Chinese buyers on the Australian property market is not discussed in one way or another.
Chinese buyers, it is claimed, are enthusiastic and cashed up bidders at auctions, responsible for pushing up the prices of properties, and big buyers of off-the-plan units especially in sought after areas close to good schools and transport links.
A federal parliamentary inquiry into foreign ownership of residential properties last year was told by Asian investment group CLSA that 10 million of China's wealthiest people want to emigrate to Australia. And the recent annual report of Queensland's Foreign Ownership and Land Register Act revealed that Chinese buyers spent $463m on property in the state, including residential and commercial real estate and farmland. Chinese buyers spent a record $185m in the Brisbane City Council area last financial year, up from $96m the previous year, and $196m in property on the Gold Coast. Queensland is the only state to track records of offshore buyers.
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