Sunday, November 27, 2011

Chinese Retreat

"Australia’s largest apartment developer, Harry Triguboff, has confirmed that Chinese buying of inner-Sydney apartments has halved in the last month. The China squeeze on its property market and fears about the level of our dollar are now having a direct effect on the Australian dwelling market. 

Triguboff believes that the sharp cutback in Chinese apartment demand will probably reduce apartment prices in Sydney by about 10%, but the prices will not collapse. He believes that a fall in apartment prices will flow on to the whole dwelling market in Sydney."
Full story here.
Harry Triguboff is the owner of Meriton, that is developing  two massive apartment towers in Brisbane, Soleil and Infinity, where most of the buyers are reported to be Chinese.  It is uncertain what impact China will have on the Brisbane apartment market.

1 comment:

Anonymous said...

This is a nice move for the real estate in australia, it will benefit both australians and chinese.