I believe it's also fuelling a rise in casual assumptive anti-Asian racism. Many buyers are of Asian origin but national residents. Locals who compete have no basis to know a counter bidder is resident or non resident status and the fear is causing social glue to weaken. It expresses in really awful ways.<p>Disclaimer: I live in an apt complex with a mix of resident, non-resident and domestic and international investor owners and we're doing fine. I'm reporting anecdotally what I sense from anglo Australians trying to buy in a hot market.