Cashed up and eager to buy, many Chinese nationals are seriously looking at Australian real estate.
It’s Chinese holiday season, and the Australian property market has reported a fresh gold rush of Chinese buyers inspecting high-end property for sale around the country.
It’s an important time on their calendar after their National Day long holiday and the planes coming here from China are reportedly full. A lot of parents are here visiting their children – and spending the rest of their time looking for property to buy.
Sydney, traditionally, is receiving the highest level of interest.
With the slump in the Australian dollar there are good pickings to be had nationwide, and with the Chinese sharemarket crash, many more cashed-up Chinese are looking to park money offshore in a secure environment, rather than seeking out investment returns. They’re free to buy new property in Australia, and existing property when it’s in the name of children studying here – or who convert their qualifications into work or permanent residence – or on behalf of other resident family members.
The favourite price range for these buyers nationally is from $3 million to up to $15 million or maybe a touch less for apartments, but the fundamentals are the same wherever they buy – close to transport, schools, parks rather than beaches and proximity to the CBD.
In Sydney, they are usually looking for large homes on the upper north shore, close to well-known private or good public schools with good reputations, and in the same areas where they might already have friends or relatives. Alternatively, they choose homes around the harbour.
They tend to like good-sized homes with enough accommodation for the extended family or family and friends who’ll be visiting. They also like to have homes that are finished, and don’t need any work done to them. And they do like stately-looking property. If they’ve spent a lot of money on something, then they want people to know it.