Chinese demand for Australian homes down by up to 15%

Sydney

CHINESE demand, which helped propel a surge in Sydney homes, has dropped as much as 15 per cent from a year earlier as China's stocks tumbled and the economy slowed, according to real estate agent McGrath.

Buyers from mainland China are turning away from Sydney and Melbourne and looking at south-east Queensland where dwelling values are "compelling", John McGrath, chief executive officer of McGrath, said after the firm debuted on the Australian share market in Sydney on Monday. The shares opened at A$1.94 compared with the issue price of A$2.10 in an initial public offering (IPO) that raised A$129.6 million (S$132.7 million).