Laws mean shit as long as loopholes exist and they do. They buy through people already living here and there is no limit on how much property a permanent resident can buy. My general manager sold his home for 2 million to an 18 year old girl, tell me where she got the money for that in her short life lol. Also many foreigners ARE wanting permanent residency and that is part of the problem. Spend 5 million on a business investment and you have automatic permanent residency. If a house is commercially zoned, bonus, you can buy your house and your investment in one go.
I believe in a balance and things aren't balanced from what I see. Our city and inner city is swiftly heading for a majority Chinese population. Melbourne was/is a multicultural city and that's what made/makes it so great, not another version of a Singapore where the Chinese own everything and every other ethnicity is forced out to the fringe or you have these segregated pockets here and there.