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Australia:New permamnet home for thousands of Chinese:Bloomberg

As much as 80 percent of homes in parts of Sydney are being sold to Chinese buyers, John McGrath, chief executive officer of the company that recorded A$7 billion ($6.5 billion) of property sales in the year to June 30, said in an interview in Sydney yesterday. Record-low interest rates and the biggest influx of investors in almost a decade are also fueling prices.
Enlarge image Chinese Buying Sydney Homes at Unprecedented Rate, McGrath Says
Chinese tourists take photographs in front of the Sydney Harbour Bridge in Sydney, Australia. Photographer: Brendon Thorne/Bloomberg

Sept. 12 (Bloomberg) -- In an exclusive interview, McGrath Estate Agents CEO John McGrath discusses the growth rate in the Australian property market that he thinks is unsustainable. He speaks on Bloomberg Television's "On The Move Asia." (Source: Bloomberg)
Enlarge image McGrath Estate Agents CEO John McGrath
John McGrath, chief executive officer of McGrath Estate Agents. Photographer: Brendon Thorne/Bloomberg
Enlarge image Residential Buildings in Sydney
Residential buildings stand at Point Piper in Sydney. Photographer: Brendon Thorne/Bloomberg
“The Chinese market is extremely strong, the strongest I’ve seen a new entrant into the market,” McGrath said. “Record low interest rates, the ability to fix such rates for a long period of time is very attractive.”
Chinese buyers, facing government restrictions on purchases at home, were the third-biggest source of foreign investment in Australian real estate, behind the U.S. and Singapore in fiscal year 2012, the latest figures from the Foreign Investment Review Board showed. They accounted for A$4.2 billion of transactions, a 75 percent jump from 2010, according to the data.
Chinese are buying in Australia on expectations of capital growth, to provide a home for their children attending university in the country or simply to live outside China, McGrath said. At a recent property auction in Eastwood, 17 kilometers (11 miles) northwest of Sydney’s city center, all 38 of the registered bidders were Asian, McGrath said. The three-bedroom house with a double lock-up garage and two sun rooms opening on to the back yard, sold for A$2.39 million, more than A$1 million over the reserve price, after 62 bids by eight hopeful buyers, according to the agent. 

http://www.bloomberg.com/news/2013-09-12/chinese-buying-sydney-homes-at-unprecedented-rate-mcgrath-says.html

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