It is sad to see the state that the housing market has resulted in. The authorities have made it legal for foreign investors to buy local properties without any restrictions so those buyers cannot be blamed for taking advantage of the situation. They know where the money is and since money is not an issue for them, they are willing to buy at any price before renting the houses out to locals at skyrocketed prices.

Dear webbrowan,

And the reason the Baird government allows Chinese investors into the Sydney real estate market is simply to acquire State revenue from the sale of properties. Revenues that go to Baird to be used on things that are intended to make him look good in the eyes of the voters - with the aim of getting re-elected. This is just one example of how Australia's politicians have been selling Australia off to the Chinese.