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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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, overseas agents, my channels in China," said Mr Lin, who deals mostly with Chinese-based investors. "They definitely feel the pressure. They say, 'Shan, look, I will not consider investing in Australia or investing in Sydney'."
Chinese property investors are turning their backs on Australia as a series of measures designed to cool one of the world's hottest real estate markets targets foreign buyers, raising the risk of a damaging correction in house prices.
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