Waterfront mansion in Longueville sold to a Chinese buyer for suburb record breaking $7.6 million
The number of Chinese buyers being approved under the Significant Investor Visa scheme has surged this year, with suburb records being toppled. $3 million to $8 million range is now the sweet spot for offshore Asian buyers.
Department of Immigration figures show a continued rise in foreign investment, with 343 Significant Investor Visa application approvals since the scheme started in November 2012. More than 220 of those visas were approved this year and 90 per cent of them were to buyers from China.
In Longueville, a Chinese buyer set a suburb record last week when the waterfront home of Matilda Cruises founder Tim Lloyd sold for $7.6 million.
the 1200-square-metre property sold for well in excess of its $6.5 million-plus guide to set a suburb record.
Longueville's non-waterfront record hit a new high last month thanks to a Shanghai buyer when the Arabella Street home of Michelle and Michael Cameron, head of GPT Group, sold for $7.25 million on its first day on the market.
Source credit - Fairfax