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Chinese investors who have borrowed from the bank to buy a house abroad are facing a double-whammy as they contend with an economic slowdown at home and surging interest rates across the globe that are hampering their ability to pay for their purchases, according to analysts.
Almost half of the $1.5 billion approved residential real estate investment proposals came from the buyer cohort.
Canberra says its latest measures are aimed at preserving the housing supply for local buyers and tenants.
Many Chinese developers in Australia and New Zealand have closed or scaled back, amid a property crisis in China, weak demand and higher construction costs.
After a lull of two years, Chinese buyers appear to be stepping up their home purchases in Australia again. That has kept Sydney real property agent Peter Li super busy over the recent Christmas and New Year holidays.