PHOTO: Chinese buyers
What is driving Chinese interest in Australian property in the beginning?
Chinese buyers have been an essential part of the Australian property the landscape for several years – but why has Australia been a popular choice among these buyers?
Due to China’s current housing situation, Chinese residents do not purchase a property; they decide to lease a property for up to 70 years.1 As housing in China is mostly small apartments, consisting of up to only 2-bedrooms, these apartments can be priced up to $1.6 – 2.4 million Australian dollars.
With the belief of the Chinese viewing property ownership as a status symbol, it has led them to venture to other countries for the opportunity to invest and expand their horizons, with Austalia as one of the popular choices.
While many property sectors have been heavily affected during the beginning of the COVID-19 pandemic, data from Chinese property portal “Juwai IQI” presented interest in the Australian market is growing and growing.2 With investment prices such as $500,000 to $950,000, a family from China can own an Australian property that consists of four bedrooms, a veranda, a backyard and a spacious basement.
Besides the appeal of Australian real estate’s price, what other factors is pulling Chinese property buyers?
- Hassle-free travel
The shortest air travel is 7,448 km = 4,628 miles, a 9 hour 47 minutes flight from China to Australia. With a total flight duration of over 9 hours, Australia is not too far away from China, thus ensures Chinese citizens a reasonable journey when visiting their home country or extended family members.
READ MORE VIA JUWAI