RBA chief warns foreign buyers drive up prices

Herald Sun

RESERVE Bank governor Glenn Stevens says that wealthy Asian investors are bidding up Australian home prices, with inner-city areas feeling the greatest pressure – and specialist estate agents confirm it.They have revealed the Melbourne suburbs on rich Chinese buyersÕ hit lists.A Chinese language real estate website, ACproperty.com.au, which is based in Australia and has a high proporting of overseas buyers, revealed its top 20 most inquired about suburbs in the first two months of this year. The CBD topped the list and was followed by Box Hill, Doncaster and Carlton. Further down the list were Point Cook, 10, West Melbourne, 13, Forest Hill, 16, and Murrumbeena, 18. ÒAs they could not buy established houses, land and house packages in west side became very attractive,Ó said Esther Yong, a ACproperty sales and marketing manager…