[bduerst]

Buying != Bidding. You don't just bid on one property and buy it.

When you're in an auction market, which has a segment of bidders that are more accustomed to bidding over with cash, you're going to see them push auctions into the cash over range more frequently, even if they aren't the ones ultimately buying.

[arjie]

A reasonable hypothesis. Since there is no evidence that domestic cash-only and foreign cash-only buyers have different bidding patterns, we can then conclude (contingent on your latest hypothesis) that the link with the stats does not support the idea that it's mostly foreign buyers bidding up the price.

[bduerst]

It's not a hypothesis - it's part of auction theory for markets that use absolute and reserve auctions. Why are you so adamant in attempting to redefine this to dismiss it?