Glen Waverley, Box Hill, Springvale and then the spillover. I can't get a look in. One house went for $200k over the asking price. Glen Waverley has supposedly ~25% Chinese but its a lot more in practice. There are also a lot of Indians looking in the surrounds. There aren't that many anglo people at the viewings at all.
I was talking to a mortgage broker and he said that in some cases the children were advance parties with parents money.
A lot of the estate agents are Chinese as they cater to the Chinese.
I work in Melbourne's Docklands area and the situation here is similar with many of the local RE offices obviously catering to the overseas Chinese market. From my office window I can see a nearby condo where 2 bedroom units sell for $550k+ but the ground floor commercial units are almost all vacant. And another building is going up next-door. In the other direction I can see a massive new tower going up next to the Crown casino in Southbank.
A month ago my neighbour sold her old 3 bedroom house for $650k whereas the same sized house I rent with a much nicer backyard costs me only $21k/year.
Australians are in for a shock when economic reality kicks in and the consequences of a speculative real estate bubble become apparent...
