Financial policies in China are driving an interest in the Australian real estate market.
Wealthy Chinese are looking for better returns than they can get at home, and the Australian housing market is now second only to the US in its attractiveness for investors.
In 2012, mainland Chinese buyers spent more than $AU4 billion in Australia, according to the Foreign Investment Review Board.
Andrew Taylor, chief executive officer of Juwai.com, a Chinese language website listing international property from offices in Hong Kong and Shanghai, says the interest is growing.
“Our user data shows that Chinese real estate buyer interest in Australia is up about 370 per cent on this time last year which is a huge increase.
“Investment, lifestyle is a major consideration. Quality education and medical and of course immigration is a strong factor. In fact the most popular bracket is $550,000 to $750,000 for houses and apartments.”
Australian media headlines often trumpet the multi-million dollar sales of waterfront mansions.
In the Sydney harbour suburb of Mosman, 30 to 40 per cent of sales over $3 million have reportedly been to Chinese buyers.
John Lee, Adjunct Associate Professor at Sydney University, says this section of the market attracts the extremely rich who will pay above market rates.
“We’re talking about the top one or two per cent of (China) and their relatives buying into the Australian market.
Read more on this article here: http://www.abc.net.au/news/2014-02-15/an-chinese-australia-housing-market/5262374
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