According to Credit Suisse Group AG, Chinese investors are becoming less interested in the Australian property market because of the economic slowdown. The devaluation of Sydney's currency has affected consumer demand for overseas real estate. Chinese demand had previously boosted the Australian market; Sydney home values surged 44% within three years up to September due to Chinese buyers and record-low interest rates. "It is the cyclically poor condition of the Chinese middle-to-upper class which is driving the slowdown in property buying abroad” said the Credit Suisse report.
According to Credit Suisse Group AG, Chinese investors are becoming less interested in the Australian property market because of the economic slowdown. The devaluation of China's currency has affected consumer demand for overseas real estate. Chinese demand had previously boosted the Australian market; Sydney home values surged 44% within three years up to September due to Chinese buyers and record-low interest rates. "It is the cyclically poor condition of the Chinese middle-to-upper class which is driving the slowdown in property buying abroad” said the Credit Suisse report.