Sydney has 200,000 empty homes and foreign investors blamed. Room for the Refugees??

There are 200,000 homes on prime Sydney real estate sitting empty because foreign investors have bought them with no intention of living in them or renting them out, a leading real estate expert claims.

Douglas Driscoll, the chief executive of Starr Partners, estimates the number of unoccupied homes has almost doubled from 120,000 in 2011, in a city which is already the second most unaffordable in the world after Hong Kong.

Mr Driscoll believes the empty homes are a major contributor to Sydney’s housing crisis, which has seen prices double in the past eight years and rise at an average of $222 a day.

‘Foreign investors are only exacerbating the problem by buying properties and leaving them vacant,’ he told Daily Mail Australia.

Source: Sydney has 200k empty homes and foreign investors blamed | Daily Mail Online