Australian homes are being marketed exclusively to overseas buyers, according to The Australian.
The report says there are homes offered on real estate sites which cannot be accessed from within Australia.
Foreign investors — particularly wealthy Chinese — have been helping to fuel a high demand for Australian real estate.
And it was recently reported, also by The Aus, that the Foreign Investment Review Board had not prosecuted a single case against an overseas investor who bought established property since 2010, despite this being unlawful in most circumstances.
To boost supply, Australia lets overseas investors buy off-the-plan, but they cannot purchase established housing unless they are permanent residents.
The report, by Scott Murdoch, says Chinese buyers spent around $5.9 billion on Australian real estate last year.
The head of China-based real estate site juwai.com, Andrew Taylor, explained one reason houses were listed exclusively for offshore buyers:
“There are vendors who don’t really want to put their home on the market but have a magic number that they would be willing to sell at (who) often put their homes online without listing them in Australia,” he said.
“That way they have exposure to the Chinese buyer without having to put up a sign board and do open-for-inspections.”
There’s more here.
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