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Debt doom prophet Professor Steve Keen has criticised the government's decision to relax the foreign investment rules for residential property.
According to Mr Keen, the softer laws could create a ‘housing bubble’, with apparent demand from overseas investors already contributing to rising property prices.
“If you let incomes in other countries determine your prices, all you're doing is importing a bubble,'' Mr Keen told The Sydney Morning Herald.
"We have lost three properties to overseas investors who pushed the prices well above the limits of the Australian residents in the room," said Nikki Symonds, from Sydney's Lane Cove.
"Three overseas online bidders pushed the price up from $880,000 to $950,000."
"Our search continues, but we are forced to look further and further outside of Sydney to have even the faintest hope of securing a house," she said.
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