*one-third of affluent Asians own overseas property, and Australia is their number one destination. *there are 63 million Chinese who could afford to buy property overseas, the fastest-growing market was Australia *Vancouver is further down the same road. Hong Kong, acting to keep a lid on prices for its own citizens, has imposed a 15 per cent tax on outsiders, overwhelmingly from mainland China. A common link in these markets is investment from China and the Chinese diaspora. Canada has just abruptly shut down its visa scheme for wealthy foreigners,
Even if a small fraction of those Chinese buy their next property in Australia we will have to make Mandarin Australia's official first language *In Australia, there are no indications of any official concern at the effects of overseas buyers on prices in the Sydney and Melbourne markets. Stevens gave no indication on Friday that he thought restrictive measures were necessary.
Once again the RBA never acts in a pro active manner they prefer to try and raise the Titanic AFTER it has sunk
If the FRB are not prepared to enforce their own rules and the official word is they don't want to for political reasons, then charge foreigners a 50% sales tax
