"The latest figures from the Foreign Investment Review Board (FIRB) reveal overseas buyers purchased a record 5,091 established homes worth $5.4 billion last financial year, compared with 647 properties to a value of $810 million in 2009-10.
There is very little that the Australian government can do about the SMSFs, we are hearing strong rumours that in the May Budget the government will shut down the Chinese property splurge. Which many will argue is a good move for the long-term property markets given the overseas buyers are paying over and above the expected market price. More particularly with the Abbott government fighting opinion polls, such a move could vastly improve its consumer ratings"
