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Wednesday , April 14 2021

01-03-2021

By SJA Jafri + Bureau Report

CANBERRA/ MELBOURNE: Chinese investment in Australia collapsed by more than 61 per cent in 2020, according to new figures from the Australian National University (ANU).

This followed a 47 per cent fall in 2019 and is the lowest number recorded over the past six years.

The ANU Chinese Investment in Australia Database (CHIIA) recorded just over $1 billion of investment in 2020, down from $2.6 billion the year before and well short of the peak of $16.5 billion recorded in 2016.

Meanwhile, Australia’s property prices are rising at the fastest rate in 17 years as historically low interest rates and restricted supply spur buyers into action.

New data from property research firm CoreLogic shows Australian home values surged 2.1 per cent higher in the month of February – a stratospheric lift not seen since August 2003.

Over the past 30 days property prices have risen in every capital city and region of the country, signalling a sustained period of growth not seen since the end of the Global Financial Crisis.

“Spurred on by a combination of record low mortgage rates, improving economic conditions, government incentives and low advertised supply levels, Australia’s housing market is in the midst of a broad-based boom,” CoreLogic notes in its release.

“Housing values are rising across each of the capital city and rest of state regions, demonstrating the diverse nature of this housing upswing.”

Sydney and Melbourne led the charge, rising 2.5 per cent and 2.1 per cent respectively.

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