The rush of foreign capital that has caused real estate in major cities to soar coming out of China has hit Australia, Canada, and the USA. The laws against foreign ownership in Australia have been the harshest in the world. They have confiscated property owned by foreigners and are forcing it to be sold at losses. All of this craziness has resulted in public confidence in the housing market in Australia to collapse. The number of Australians describing property as the wisest place to put their savings has fallen to its lowest level in more than 40 years. This is the report of the Melbourne Institute of Applied Economic and Social Research which has been asking about the wisest place to store savings since it began its consumer confidence survey in 1974. With cutting off foreign investment, the “speculative boom” is being taken out of prices.
