Huge Chinese demand for Aussie homes swamps crackdown against illegal buyers
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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.
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