Chinese buyer snaps up $2.8m Strathfield home straight after stepping off plane as Chinese investors drive up property prices
26 Mar 2014
CHINESE investors are driving up property prices in hot spot Sydney suburbs by as much as three times the city average.
Carl and Marie Mascarello sold their four-bedroom house in Strathfield for $230,000 more than they expected to an investor who had just stepped off a plane from Hong Kong.
“The house sold for $2.28 million. Far out, I was cheering when I heard. It was really unexpected,” said Mr Mascarello, who is downsizing because his two children have left home.
“He was a Chinese investor who got off the plane from Hong Kong the day before. He had missed out at two earlier auctions and clearly did not want to miss out on this one.
”Strathfield is one of at least 10 hot spot Sydney suburbs that have been targeted by Chinese investors who are estimated to have spent $5 billion on Australian residential property last year.
The average house price here has risen by up to 27.1 per cent — almost three times the Sydney average of 9.2 per cent.China had the second-highest number of immigrants settling in Australia last year with 27,334 people moving here.
A lot of Chinese are very keen to balance their investment portfolios with overseas investments because the Chinese government is restricting people buying in China to try and cool the market.
In eastern surburb, Kensington, Randwick and Maroubra for the last six months are up $100,000 on where they were last year. Chinese buyers are moving into the area because the vast majority of Chinese buyers are interested in the school and university area properties and also the life style.
”TROPHY HOMES ARE MUST-HAVES"
High net worth CHINESE investors who made enquiry to WooBuyers are also desperately looking for trophy properties with Harbour views on the lower or upper north shore, Manly or in the eastern suburbs.
SIV holders and applicants are looking for new homes in Sydney when settling their families.
They would be looking at big block of land with more than 2,000 sqm featuring competition tennis court or a 300 sqm plus city apartment with water views.