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Sydney Apartments, where are prices headed

Oct 14, 2010 | Property Market

Got this from one of my news sources (BusinessSpeculator)

Australia’s largest apartment owner and developer Harry Triguboff explained that the Chinese had been major supporters of the Sydney apartment market after higher interest rates reduced local buying. But the Chinese were no longer big buyers of Sydney apartments. They had retreated because their currency is virtually tied to the American dollar and the big rise in the Australian dollar has made our apartments too expensive.

Moreover the Chinese were frightened that their own currency would rise, reducing the value of their investment and they had become nervous of the level of Australian apartment prices.

Triguboff believes that apartment prices are therefore going to soften while interest rates remain high and the Chinese are absent from the market.

Given Triguboff’s position in Sydney apartments, this is not a forecast to be taken lightly.

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