There’s a new breed of Chinese immigrant: young, ultra-rich and keen to spend those riches on property in Australia.
But the rise of the foreign investor has many Australians worried.
In a Sunday Night investigation, Alex Cullen meets some of those wealthy investors snapping up our best real estate.
Monica Zhao already owns one apartment in the city but she’s looking to upsize.
“I am looking for a nice suburb. If the suburb makes me feel comfortable, if the suburb makes me feel lovely, of course I will move,” she says.
Are Chinese buyers forcing prices up and locking out the average Aussie buyer? The full report airs Sunday, 8.30 only on Channel 7.