Huge Chinese demand for Aussie homes swamps crackdown against illegal buyers

Sydney

SURGING Chinese demand for Australian homes is dwarfing efforts to root out illegal buyers as the government struggles to avert a backlash against unaffordable housing.

Since announcing a crackdown on unlawful home purchases in February, the government has forced only one foreigner to sell up. Chinese already buy almost a quarter of new homes in Sydney and their outlay will more than double to A$60 billion (S$62 billion) in the six years to 2020, according to Credit Suisse Group AG.