there's no doubt its happening but bear in mind the asian buyers only account for about 1% of buyers.
They arent buying in mortgage belted areas like cairnlea, craigieburn, epping, pakenham or in middle class areas such as Essendon, Preston, Oakleigh etc etc They are buying in blue chip areas. For example 4 transaction my clients have been involved in.. 1, Camberwell $1.585mil, , Canterbury $2.2 mil, 3, Canterbury $6.1 million and 4,Kangaroo Ground $1.4mil. All properties were paid by cash.
1 Blue chip commercial property example $21m and $10mil deposit, balance of funds used to buy another blue chip commercial property.
The topend of properties in Melbourne only attract no more than 10% of buyers and then a small percentage of buyers are asians. Just look at the saturday age property guide. It promotes to 10% of the market. 10% of the market hold 90% of the city's wealth. Forget the 80/20 Rule, its the 90/10 rule.
Asians are blue chip buyers. Its all about image and investing/living in blue chip communities.
