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Australia 'needs Chinese buyers to keep the market strong'

The Australian property market is relying on foreign buyers to keep it strong, it has been reported.
Australian property sales and prices would see a significant fall if Chinese buyers were to lose their appetite to buy in the nation, it has been claimed.

The government has recently announced that it is looking into an investigation about the impact foreign investors have on the ability of young Australians to buy homes.

However, one of the country's biggest apartment developers, Harry Triguboff, told the Wall Street Journal that Australia should be keeping Chinese buyers sweet, as prices could fall by as much as ten to 15 per cent if they were to stop investing.

He also went on to add that they are the main driver behind the building of new apartments in the country, saying that were Chinese investors to leave the nation, there would be far fewer new developments.

This could potentially have the knock-on effect of raising competition among potential tenants, which could see the cost of renting on a monthly basis rise significantly.

Posted by Ravin Chatlani

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