Sydney Homes Aren't So Attractive to Chinese Investors This Year
- Foreign investment in Sydney’s housing falls 5.5% pts in year
- Australia has raised stamp duty, taxes for foreign buyers
Newly constructed apartments stand in the suburb of Putney Hill in Sydney, Australia, on Sunday, Jan. 8, 2017.
Photographer: Brendon Thorne/Bloomberg
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Chinese demand for Australian housing is cooling as both nations’ governments tighten the screws on investment activity.
Foreigners will account for 18.1 percent of residential buyers in Sydney’s state of New South Wales by the end of March -- a 5.5 percentage point drop in just one year, according to the latest Australia & New Zealand Banking Group Ltd. and Property Council sentiment survey. The share in Victoria state - home to Melbourne - will fall 4.2 percentage points in the same period.