Chinese No Longer Partial To Australian Housing; Prices Tumble

Reuters: Australia home prices fall as heat leaves market-RPData

Tuesday's figures from property consultant CoreLogic RP Data showed dwelling prices across the major cities dropped 1.5 percent in November, from October when they rose 0.2 percent.

iFeng: 中国买家不再偏爱澳大利亚楼市 房价创5年最大跌幅 (Chinese Homebuyers No Longer Partial to Australia)

Over the past three years, Australia's mortgage rates reached their lowest level in 50 years, which contributed to the housing demand, overseas buyers flocked to the Australian real estate market, pushing up local prices. But in October of this year, Australia's major banks raised mortgage rates collectively. Core Logic Inc.'s chief researcher, said: "The rise in mortgage interest rates is the main reason the housing market decline."

...Chinese buyers have been considered to be pushing up local prices push Australian hands. The Credit Suisse Group released a report in November that China buyers demand for Australian real estate is waning, and Chinese buyers estimate demand in worldwide real estate market is likely to fall by 30%.