For those people who have had, and probably still do have their heads in the clouds regarding the effect that this has on the Australian market the new figures are in
The figures do not include China alone but they are the big movers in residential real estate a factor that has pushed prices up to the detriment of Australian families
The government is complicit in this activity and know that it is hurting Australians but just ignore the effect.
WHO DO THE POLITICIANS WORK FOR ? WHO ARE THEIR BOSSES ?
The value of foreign investment approvals for Australian residential real estate surged 75 per cent last financial year to a record $61 billion and could account for around a quarter of new developments.
Data from the Foreign Investment Review Board show that there were 36,841 applications by non-citizens who were also not permanent residents to buy residential properties.
That was a 60 per cent increase on the previous year, while the value of properties covered by the applications jumped 75 per cent to $60.75 billion.
Approvals to buy Australian residential real estate have more than tripled since 2012-13.
