This headline says it all. See Julie Cresswell, G’Day from Bushwick, N.Y. Times, Nov. 20, 2013. The real news is that the Aussie investors are buying and renovating those houses as long-term rental investment, not just to flip them.
Follow up. And it’s not just the Aussies. The Chinese are at it too. Go to http://www.cnbc.com/id/101225345