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Nov

03

Chinese Home Buying in Australia Is Easing, Credit Suisse Says

By Tony Seruga

China’s demand for global property could fall 30% in 2015
Chinese consumer is `cyclically weak,’ Swiss bank says

Chinese demand for Australian property, which has helped propel the price of an average Sydney house to about A$1 million ($720,000), is waning as an economic slowdown at home dents confidence, according to Credit Suisse Group AG.

Falling auction clearance rates in Sydney and Melbourne, two of the most popular destinations for purchasers from China in Australia, suggest there are fewer cashed-up foreign buyers, Credit Suisse analysts Damien Boey and Hasan Tevfik said in a Nov. 3 report. China’s surprise currency devaluation in August has dimmed consumer confidence and appetite for overseas property worldwide, they said…

Chinese Home Buying in Australia Is Easing, Credit Suisse Says

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