One of the most significant forces in the international real estate arena are the Chinese and one region in particular attracts a great deal of interest this is Australia.
The value of Australian residential property purchased by Chinese-based buyers reached $5.4 billion in the 2013 financial year, according to figures from Chinese property portal Juwai.com.
This is around a 25% increase on US$4 billion ($4 billion to $4.2 billion in local currency) of Australian property purchased by Chinese buyers in 2011.
"Chinese make up the fastest growing buyer group in an otherwise relatively slow Australian real estate market,ââ¬Â says Simon Henry, co-CEO of Juwai.com.
"The properties that will have the most success with Chinese buyers are located in major metropolitan areas or in growing mining areas, are working farms or are new developments.
"Resale properties appeal to Chinese buyers who know Australia already, including those who already have one or more properties here."
Dominic Ong who heads up a new Knight Frank team targeting high-net worth Chinese investors and those who may qualify for the $5 million significant investor visa, recently told Property Observer that he was regularly showing Asian-based buyers around some of the most expensive waterfront property in Sydney.
Ong says they are looking in the $30 million to $50 million price range.
According to the Foreign Ownership of Land Register, Chinese buyers are now the biggest foreign property buying group in the state of Queensland
.
A report, "Top Destinations for Chinese Buyers" by the No. 1 released by Juwai.com, indicates the scale of Chinese investment around the world.
It says Chinese buyers spent $US50 billion on overseas real estate last year.
The top five countries ranked by activity are the US, Australia, Britain, Singapore and Canada.
The report names 118 destinations in 36 countries where Chinese are searching for property online.
During the past six months, Melbourne had the most hits, Sydney was second, the Gold Coast third, Brisbane fourth and Perth five.
Are you looking to buy property in Australia ? Melbourne , Reedy Creek , Western Australia , Perth , Parramatta
Are you looking to rent property in Australia ? Surfers Paradise , Byron Bay , Margaret River , Cowes , Dunsborough
Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.