Cashed-up Chinese buyers swarm Australia’s housing market

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Cashed-up Chinese buyers are returning to drive Australia’s housing prices up with an influx of enquiries for property coming from the Asian superpower.

Interest in real estate from China has skyrocketed by 51 per cent over the past year, according to a study by Chinese investment website Juwai – identifying Melbourne as the best market for buyers.

‘Recent price increases have fuelled a fear of missing out,’ Juwai co-founder Georg Chmiel told the Telegraph.

‘Chinese buyers are really going after capital gains and long-term growth opportunities and many want to buy while interest rates are low and exchange rates are favourable.’

Juwai listed Australia as a prime location for investment given its ‘stable and low-risk destination for investment, thanks to a resilient economy, dynamic industries and strong trade ties with the world’.

It has Melbourne, described as a ‘city of opportunities and fortune’ as the best city for investment, notably because of ‘strong government support’ for overseas buyers.

Juwai says enquiries into property in the Victorian capital grew 75 per cent in 2020 alone.

Sydney is no.2 on its list despite being Australia’s top investment destination.

Exorbitant prices have seen interest slightly cool, but Juwai say its ‘highly desirable lifestyle’ means interest will always be high.

The CBD is the most popular location for buyers, with Newcastle surprisingly coming in at number two.

Chatswood, Wollongong and Hornsby round out the top five locations pinpointed for Chinese buyers.

‘For the first time, most people are purchasing for their own use. They want a lifestyle change,’ Mr Chmiel said.

‘Australia is an attractive place to live because of the stable political environment, strong economy and good education.’

Brisbane comes in at third on their list, identified as the market for the biggest growth potential.

Juwai says the increasing amount of international companies planting themselves in the city sees the chance for investment for Chinese buyers.

The potential for the 2032 Olympic Games to be held in the Queensland capital has only increases its popularity.

Source: Daily Mail

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