Go to any residential property auction on Sydney's lower or upper north shore and the chances are the majority of bidders will be Asian, most notably Chinese.

In Australia's two biggest cities, Melbourne and Sydney, Chinese buyers are said to be at the forefront of a real estate boom that is showing no sign of slowing down.

This has raised concerns in some quarters that local buyers are being unfairly priced out of the market by the sheer weight of money pouring into Australia from Asia, and in particular China. It is being argued that overseas Chinese buyers have distorted the residential real estate markets in Sydney and Melbourne, pushing prices up and keeping young people out of the market.