Chinese buyers

Chinese buyers are getting ready to flock back into Australia’s ‘cheap’ property market

 

PHOTO:  A weak Aussie dollar is delivering an 11.1% discount on Australian property for Chinese (Photo by China Photos, Getty Images)

  • Chinese have ranked Australia as their number one destination to buy property, with 27% of tourists telling Chinese portal Juwai they’ll consider buying a property on their next overseas trip.
  • Of the Australian cities, Melbourne was ranked by almost half of all Chinese buyers as their top pick. Sydney and Brisbane, with Brisbane singled out for its more affordable market.
  • After a couple years of declining Chinese activity in the market, renewed interest could lead to a boom in prices, with the depreciation of the Australian dollar securing an 11.1% discount for Chinese buyers.

Of the 1.2 million Chinese tourists visiting Australia every year, as many as a quarter could be looking to buy a property here, a new study has suggested.

As many as 27% of mainland Chinese said they would be shopping for a property on their next overseas holiday, according to a survey by property portal Juwai. Of those, Australia is their number one international destination to buy, as rocketing enquiries set up a possible resurgence in foreign buyer activity.

“Chinese buyer enquiries have posted two consecutive quarters of year-on-year growth for the first time since 2016,” the report said. “In the first quarter, Chinese demand was up 40% compared to a year earlier. That followed a 54% gain in the fourth quarter.”

READ MORE VIA BUSINESS INSIDER


 

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