Foreign investment in Aussie residential property doubled last year

An “element pushing prices up here in Sydney is a surge in foreign investment, particularly from China. The value of foreign investment in residential property doubled last year to $34 Billion and for the first time china overtook the US as the largest source of money.” Ivan Colhoun, the Chief Economist at NAB says “About 60% of the people buying houses are apparently from China, 13% of them are from Singapore, Malaysia and Hong Kong combined and about 6% from the UK.” (VIEW LINK)