Chinese Buy Sydney Homes at Unprecedented Rate, McGrath Says
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Home prices in Sydney could rise by as much as 10 percent over the next 12 months, driven in part by unprecedented levels of Chinese demand, according to McGrath Estate Agents.
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.