Northern beaches pulls in Chinese buyers

SUBURBS in Sydney’s northern beaches are gaining elevated interest among ethnic Chinese property buyers. Dramatic search hike in Collaroy and Seaforth property saw a surge in views and enquiries.

Other suburbs in the area which attracted a substantial increase in Chinese buyer interest this year were North Curl Curl, Manly and Dee Why.

Most Chinese buyers this year were caring more about the property than the suburb at all price ranges, a view which challenges previous conceptions.

This was especially the case for buyers hunting for property worth more than $2 million, who had been looking mostly in Bayview and Palm Beach.

Chinese buyers were after properties with water views.These buyers like convenience to amenities, water views, good feng shui, good schools and homes that are newly built, or at least well maintained.

One significant home in Seaforth last week sold for $5.7 million, more than half of the parties inspecting the waterfront property were Chinese.

Another waterfront home in Seaforth was sold for $7.06 million in June to a foreign buyer from mainland China, who were buying it to live in.

This Seaforth property, sold to an overseas Chinese buyer, comes with a four post marina.

Foreign nationals are generally restricted by the Foreign Investment Review Board to buying only from new housing stock, unless they hold a temporary visa, which allows them to purchase one existing property.

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