Chicoms buying real estate- Its only Australia that has a problem

This is a program from Channel 9 Australia on the effects of Communist Chinese participation in the Australian housing market. Its makes a number of assertions, such as

  • The Chinese are dominating the markets
  • They are able to spend much more than Australian buyers
  • Auctions are being held in Mandarin
  • The prices are being driven sky high and first home buyers can forget it
  • Australians are resentful at losing their traditional culture as neighbourhoods are taken over by Chinese who focus on particular suburbs
  • People are being forced to rent which means more government dependency especially as these people become pensioners
  • There is a Govt inquiry into the situation.Further tightening of foreign investment rules relating to housing is likely

However according to the NZ media and the Key government, nothing like this is happening in New Zealand and nobody needs to be worried about anything.