Chinese Property Investors Head to Australia

  • 15 years ago
  • Uncategorized
London 07/11/2009-The Australian property market has always been attractive to overseas property buyers but now this popularity seems to be more consistent and the buyer’s nationalities are changing.
The Brisbane Times highlights the fact that overseas buyers are increasingly present at property auctions with some real estate agents reporting that the majority of their clients w
John Bongiorno, director of Marshall White & Co, in Melbourne said international buyers had typically made up 5 to 10 per cent of sales, a figures that had recently risen to about 15 per cent.  And the dollar’s rise had not yet dampened demand.
Mr Bongiorno said his overseas clientele was ‘‘predominately mainland Chinese”, some of which adopted a fly-in, fly-out approach to house hunting.
‘‘We have people who fly in on a Saturday morning for auctions and will fly out the same day,” he said. ‘‘They’ll just arrive in Melbourne specifically for the auction.”
Marshall White & Co has forged alliances with immigration services firms in China to promote local property.
Tina Edwards, sales manager at Brisbane-based Yong Real Estate, which caters to local and international Asian buyers, said investment from China had ‘‘really soared recently”.
She said the surge may have peaked at as much of 90 per cent of the transactions handled by the firm, with the Aussie dollar’s recent jump above 90 US cents (about 6.2 yuan) deterring some buyers.

Adelaide houses prices have jumped the most in value of any Australian city, except for Perth, in a decade with the average home worth almost $250,000 more than in 1999.The first review of property prices between 1999 and 2009, based on Valuer General figures, show sale prices for the whole state have soared an average 190 per cent.
Meanwhile in Perth has shown a downturn in property values for Perth in the month of September while the Real Estate Institute of Western Australia (REIWA) has claimed an 11 per cent jump for the latest quarter, lasting from July to September.
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