Investigation into real estate purchases by foreigners rises sharply

Immigration numbers are too high, straining Sydney and Melbourne’s infrastructure and pushing up house prices beyond the reach of average Australians, former NSW Labor premier Bob Carr recently told The Australian.
“If you jam more people into Sydney, then they will get spikes in land and housing prices. We are stoking demand,’’ he said.
Are the estimated 50,000 foreign settlers a year in NSW responsible for the doubling of house prices in Sydney since about early 2000? The population of NSW is close to 6 million.
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