client a purchased a home in Camberwell Vic for 1.150mil November 2008 and sold to one of my Chinese clients in December 2009 for 1.580 mil. No improvements. Better still the Chinese client purchased the property in cash.
Not everyone needs to borrow for a home so dont look to much into the latest mortgage stats.
Another case Chinese clients purchased a home in Canterbury Vic for 2.2mil again in cash approx 18 months ago and was recently bank valued at 2.9mil.
There are truckloads of wealthy immigrants. Just go to a an auction in a blue chip suburb.
