Chinese investors have overtaken Americans in residential and commercial investments in Australia with a 42%market share worth $5.9 AUS billion. American market share has dropped to $4.4 AUS billion.
Sydney and Melbourne remain as the cities of choice for homes for Chinese investors, according to RP Data. Foreign investments for both capital cities have been cited as factors for home price increases at 13.4% and 11.9% respectively.
Overall foreign investments in the country have dipped to $135.7 AUS billion from $170 AUS billion the previous year. The United States remain as the overall biggest investor in the country with $20.6 AUS billion in total investments.
Read more about this on the Bloomberg News website.