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Melbourne Top Of The List For Chinese Residential Buyers
The world is awake to watching what the Chinese people do. As they modernise, improve their educational system, step up their trade programs and take a leading role in technology. Consequently they will continue to grow at rates well above the rest of the world. If we want to grow our businesses, and of course we do, we must remain curious to the levels of enquiries people make when deciding to buy residential property. Within this information lies the formula to growing our market share and to deciding where we need to set up shop. It’s in this data that we can find the key to future success.
An article in The Australian, Commercial Property news by Elizabeth Redmond carves out the statistical data about how the Chinese continue to invest strongly in the Melbourne residential property market and why they choose to do so. ” Melbourne has cemented its status as most popular city in Australia for Chinese buyers of residential real estate, two sets of new figures show. The interest from buyers offshore comes even as they face a squeeze from both countries, with Victorian and federal government introducing levies for foreign purchasers in the city, and China cracking down on capital outflows.”
Melbourne is the world’s most liveable city and it has been for some time. Highly sought after schools, universities and relative affordability compared to Sydney is driving this attraction. Data obtained from property portal Juwai shows around 40% of property enquiries by Chinese buyers focused on Melbourne, up from 35% twelve months earlier. Demand in Melbourne is up 13% for the first six months of this year compared to the first half of 2016. According to Juwai there will be no dropping off of demand from Chinese buyers who believe ” Australian real estate is one of the more safe and wise investments.” Australian property offered good value compared to the price of similar property in China. Foreign purchases of property in Victoria will attract a tax of 7% as from the first of July up from 3%.
Melbourne offers the benefits of a long established Chinese community, educational opportunities and relative affordability compared to Sydney. CBRE managing director of residential projects, Andrew Leoncelli, ” Over the past three years demand, awareness and volume of sales on our apartment projects has grown significantly. On occasions when the Chinese government has changed it’s control roles buyers have been less than keen to move their money out of a highly regulated, transparent, safe country like Australia.”
This beautiful city continues to attract many and is set to continue to do so for the foreseeable future. A great place to set up business and to be in business.
Sarah Wilson
