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In 2015, then-Prime Minister Tony Abbott told Parliament: “As someone who, along with the bank, owns a house in Sydney, I do hope our housing prices are increasing.” Abbott’s timing left much to be desired – on the same day, the Treasury voiced concerns over a possible housing bubble. Australia first: how new visa policy will affect Chinese Whether or not Australia’s eastern states are in the middle of a property bubble is widely debated, though prices have not dropped significantly in years. Even so, there has certainly been an influx of Chinese money and residents into Australia over the past few years and real estate agents have been quick to cater to the new market. In many areas in Sydney and Melbourne, real estate companies have begun publishing marketing materials in Chinese. Richard Earle, director of real estate company Jellis Craig’s office in Melbourne, said: “We have a total of 14 Mandarin speakers in the Boroondara offices to assist in verbal and written communication, we have changed our auction procedures to write out the bids for the Chinese, and we know Chinese look at realestate.com as their portal of choice.” Many of these may be Australian citizens also, as foreign investors are by law only allowed to purchase new properties. Earle said 40 per cent of buyers and 30 per cent of sellers are Chinese and that they have had an impact on prices “as have their cultural norms in Melbourne society”. He said his clients were not “whales” but modest buyers looking for sites close to schools and sites for development rather than heritage listed areas where houses cannot be knocked down. Homes are often advertised on Chinese websites such as Juwai, or Weibo or in some of the Chinese-language newspapers around town. All real estate agents are adamant on the importance of the Chinese market. The Australian authors proving a hit in China It also seems likely that a significant amount of Chinese investment has not been strictly above board. The financial http://www.csl-az.com/a-click-away-from-major-criteria-for-mortgage-broker-melbourne/ intelligence agency Austrac is investigating more than a billion dollars worth of Chinese property investment and there are varied loopholes for investors to avoid detection by such agencies, like paying cash.