Chinese home buying in Australia is easing, says Credit Suisse

Sydney

CHINESE demand for Australian property, which has helped propel the price of an average Sydney house to about A$1 million (S$1 million), is waning as an economic slowdown at home dents confidence, according to Credit Suisse Group AG.

Falling auction clearance rates in Sydney and Melbourne, two of the most popular destinations for purchasers from China in Australia, suggest there are fewer cashed-up foreign buyers, Credit Suisse analysts Damien Boey and Hasan Tevfik said in a Nov 3 report. China's surprise currency devaluation in August has dimmed consumer confidence and appetite for overseas property worldwide, they said.