Business / Industries

Chinese home buyers boost Australian market

( Updated: 2014-12-02 12:49

A new report from Credit Suisse has revealed nearly 13 percent of all the homes bought in Australia last year were purchased by Chinese nationals in deals worth around $5 billion.

Word of the rush on Chinese home purchases in Australia comes on the heels of a new free trade agreement worked out between the two countries last month.

Australia has become a prime destination for Chinese investment abroad.

In August, Wanda Group invested around $7.5 billion in a resort in Gold Coast, Queensland.

The rush by Chinese investors toward Australia has created somewhat of a backlash, with calls being made for restrictions on home purchases by foreign investors amid a rise in housing prices in the country.

An Australian parliamentary committee is currently reviewing a dozen different suggestions about how to deal with the issue.

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