Many factors have been blamed for the booming property market in Sydney and Melbourne.
Of course foreign investors have been one of the factors but now multimillionaire foreign migrants are being blamed.
Australia is now the investment destination of choice for the globe’s wealthy, and is forecast to record a 70 per cent growth in the number of ultra-high net-worth individuals living in the country over the next decade.
Apparently cashed-up Chinese are now commuting in and out of the country to enjoy the Australian lifestyle as well as being attracted to a safe political environment, quality health care and superior education systems.
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This has led to an emerging trend of wealthy Chinese migrants — often dual citizens — buying homes in Sydney and Melbourne while continuing to work offshore.
Real Estate Institute national president Malcolm Gunning said the Chinese were favouring “prestige housing” in the two main capital cities, targeting homes worth up to $20 million near select schools.
“It’s a little bit like the country kids that used to go to boarding school and travelled back to far western NSW,” Mr Gunning said.
“What we are seeing now is Sydney and Melbourne are absolutely global cities, great places to live … and so they will live in Australia and run a business in China — they are commuting.”