Huge chunks of Australia’s biggest cities wouldn’t exist without Chinese cash

News.com.au - 29/01
Vast parts of Australia’s biggest cities wouldn’t exist if not for the flood of foreign money pumped into the real estate sector over the past few decades, particularly by cashed-up Chinese investors.

Vast parts of Australia’s biggest cities wouldn’t exist if not for the flood of foreign money pumped into the real estate sector over the past few decades, particularly by cashed-up Chinese investors.

That’s the view of leading experts who warn political campaign ploys to blame migrants for the country’s economic challenges could backfire.

New polling published this week showed an overwhelmingly proportion of voters back a plan by Peter Dutton to restrict foreign investment in real estate should the Coalition win the election.

The research for the Sydney Morning Herald found a whopping 69 per cent of those surveyed supported Mr Dutton’s proposal to implement a two-year ban on foreign buyers of existing dwellings, with just nine per cent opposed and 22 per cent uncertain.

And a majority in favour came from across the political spectrum, with 60 per cent of Labor voters giving it the tick of approval.

If not for a flood of foreign investment into real estate over recent times, Australia’s biggest cities would look very different – and we’d have fewer homes. Picture: NCA NewsWire / Ian Currie

But the consequences of that reform could deliver a major economic blow while having minimal impact on the country’s housing crisis.

Lot to thank foreigners for

Nerida Conisbee, chief economist at Ray White Group, said chunks of Melbourne, Sydney and Brisbane p...
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