The Chinese buyers can often outbid local Australians for properties:
Real estate agents report that Chinese buyers often buy several apartments in a new development as a family group. Joseph Ngo, an agent for LJ Hooker in Glen Waverly, that paying $100,000 to $200,000 over the market price “is not a problem for these buyers”. The same is happening in Melbourne, if not quite at Sydney’s intensity.
That's good for those with investment houses to sell, but terrible for those Australians looking to buy a family home.
The writer of the piece, Clive Hamilton, is someone who is definitely on the progressive left in Australia. However, he has opted in this case to sympathise with the local Australians forced out of their own communities:
Couples planning families can no longer afford to buy in the suburbs where they grew up, where they have built friendship networks or where they work. Forced further and further west and south, they are progressively cut off from their old neighbourhoods.
There was an era (roughly 1880s to 1920s) when the progressive left mostly did opt to support local populations against the negative effects of an unconstrained market. However, eventually the logic of the commitment to "equal freedom" led the progressive left to move toward an internationalist position (if what matters is my freedom to self-determine, then there needs to be a system in which we guarantee individuals the right to self-determine, which means not discriminating on criteria that the individual cannot self-determine such as race, ethny, sexuality, gender etc - that's the logic by which a liberal egalitarianism pushes toward non-discrimination and cosmopolitanism).
As you might expect, Hamilton's post received a mixed response at the leftist Guardian site. Some were sympathetic in his criticism of an unconstrained market, but others thought that showing fidelity to locals over international buyers was racist and discriminatory. The paper itself inserted a long, hand-wringing editor's note trying to wade through the conundrum.
The comments section is particularly interesting as you can see the Guardian readers battling it out. The internationalists seem to have the numbers, but there are a fair few who speak up for the conditions of locals.
It's possible that if a serious traditionalist movement were to continue to develop and to become an influence on politics that it might encourage one wing of the progressives to take more of a stand in favour of local communities, as occurred a century ago. We already have examples of progressives who seem willing to do this, such as Paul Kingsnorth.