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Chinese homebuyers shun Australian market as coronavirus, political tensions take toll

Summary:
[unable to retrieve full-text content]When mainland Chinese resident Susan bought an off-plan flat in Melbourne’s new high-end West Side Place development in 2017, the Nanjing-based property investor’s plan was to rent it out upon its completion next year.She shared the strong Chinese appetite for property – particularly flats in Australia – that sent the sector in Sydney and Melbourne soaring during a five-year boom between 2013 and 2017, when home prices rose as much as 70 per cent.But despite her desire to own more flats, Susan,…

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[unable to retrieve full-text content]
When mainland Chinese resident Susan bought an off-plan flat in Melbourne’s new high-end West Side Place development in 2017, the Nanjing-based property investor’s plan was to rent it out upon its completion next year.She shared the strong Chinese appetite for property – particularly flats in Australia – that sent the sector in Sydney and Melbourne soaring during a five-year boom between 2013 and 2017, when home prices rose as much as 70 per cent.But despite her desire to own more flats, Susan,…

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