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Australia puts the brakes on foreign buying of property to cool prices

But any sharp fall may derail the record 26-year recession-free run as households groan under record amounts of debt

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Some real estate agencies are facing declining purchasing interest as foreigners account for a quarter of new housing sales in New South Wales, with Chinese investors by far the biggest buying group.

Sydney

SOON after Australia's New South Wales state announced it was doubling the tax for foreigner home buyers earlier this month, calls started flooding in to Sydney-based real estate agent Shan Lin. "My phone never stopped, I charged my phone three times, no kidding - overseas clients

sentifi.com

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