At a Time of a Rental and Housing Crisis, Chinese Buyers Come before Aussies! By James Reed

Here is yet another mainstream media report, which confirms the critique that we have been developing at the blog, of the surge in mass immigration impacting negatively upon both inflation and the rental and housing crisis. The impact of overseas buyers of lower-level housing creates a massive crisis for local Australians trying to get rent, or buy a first home, which now is a distant dream, leading to further accelerating declines in the white population. Thus, we may speak of mass immigration policy, which negatively impacts upon young Australians, as a genocidal policy.

However, taking a step back, it seems as well that the local elites are facing a few problems too in the luxury property market, as masses of rich Chinese buyers come to scoop up multimillion-dollar luxury properties across Australia. This is not a great problem compared to the impact that hundreds of thousands of overseas students are having, fuelled by the greed of our evil universities. In a way it is an irony, as while the local rich elites are not threatened with homelessness or to join the growing numbers in tent cities, at least they are paying more for their luxuries. And these elites are part of Big Australia, which is behind the present Great White Replacement immigration policy.

https://www.news.com.au/finance/real-estate/melbourne-vic/nuts-chinese-buyers-pushing-up-property-prices-by-millions/news-story/2e1a27ded6d889497ab418cbf15fd5fa?utm_source=substack&utm_medium=email

“They are coming in busloads.”

That’s the description of one frustrated local advocate who say Chinese buyers are snapping up multimillion-dollar luxury properties in Melbourne’s most elite suburbs and pricing locals out of the market.

In Toorak, 100 per cent of sales made by a major agent in the last six months have been to Chinese buyers.

Some are even paying for the properties in cash to secure them.

David Morrell, director of Morrell and Koren, described the situation to news.com.au as “nuts”.

“We are seeing jumps of $2-3 million dollars on properties,” he said.

“We have a market place that is disproportionately being sold to Chinese buyers, relative to the rest of the population.”

Mr Morrell uses an example of a recent luxury property on the market for $9.2 million dollars.

“There were five Chinese parties biding and it sold for $12 million,” he said.

 

“They have paid a $3 million dollar premium. It wasn’t just one of them there are now four wounded underbidders.”

Mr Morrell said all Aussies should be worried - not just the rich.

“What’s happening in Toorak is only a look at what is happening under the blankets, across the country,” he said.

Mr Morrell is adamant the federal government needs to do more to regulate the Sydney and Melbourne markets in particular from foreign investment to allow locals to compete.

Chinese investment surging

According to NAB’s latest quarterly Australian Residential Property survey foreign buyers are playing an increasingly important role in Australia’s housing market with the share increasing for the fourth straight quarter.

They now account for 10 per cent of the market - a five year high.

Chinese buyers make up the greatest proportion, some figures suggest, on average, they are spending a whopping $8 million a day.

Sydney 2GB radio host Ben Fordham said in July Australia should copy Canada and ban foreigners from buying investment properties.

“The politician who has the guts to do it will be hailed a hero,” Fordham thundered after real estate auctioneer Tom Panos told him the reported $8 million a day was actually a conservative estimate.

Toorak buyer’s agent Alex Bragilevsky boasted to the Australian Financial Review wealthy Chinese buyers were taking private jets to Melbourne to purchase mansions on the spot.

“I’ve facilitated $135 million of real estate deals [in Toorak] in the past six months,” he told the publication. “All these buyers were Chinese.””

 

 

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Monday, 04 March 2024

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