Opportunities Open in Australian Property Market as Chinese Capital Controls Take Effect

The Sydney Opera House and Harbour Bridge can be seen behind real estate agent and a potential buyer from Shanghai, during an inspection of a property for sale in the Sydney suburb of Vaucluse, Australia, July 11, 2015. Reuters/David Gray/File Photo

SYDNEY–On a recent Sunday morning in the sun-drenched Australian city of Brisbane, about 50 ‘property tourists’ boarded a bus tour with a difference.

The group – all local Aussies looking to purchase their first homes – were shuttled to five new apartment projects where brochures promised they could “capitalize on international deposit defaults” and snap up properties at sharp discounts.