House prices are rising again across most of the country despite the most rapid rise in interest rates in recent history. Given that borrowing capacity has been cut for most households seeking a home loan, the question is where is all the money is coming from to fund these purchases? Real estate agents and mortgage brokers report more buying interest from retirees downsizing and first home buyers helped by 'the bank of mum and dad'. But they also say they've seen more enquiries from overseas buyers from China, Hong Kong and India. And they report greater demand from cashedup migrants moving to Australia on business visas who use their wealth to purchase property locally. Despite some economists expecting more interest rate rises, agents say that won't deter this group of purchasers, many of whom are using cash rather than home loans to buy property. Nassim Khadem reports.
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