Since international travel has returned to Australia, Chinese nationals are hungry to invest in real estate. Mainland Chinese buyers are looking for investment properties. “So far this year, Australia is the favorite country for Chinese buyers of overseas real estate, a dramatic improvement from its third-place ranking in 2021,” said Daniel Ho, co-founder and group managing director of property-tech firm Juwai IQI. “Buyer inquiries in the first three months are 127% higher than in the prior quarter.”
Chinese investment in Australian real estate is set to soar throughout the rest of 2023, with investors attracted to its stable economy, attractive lifestyle and potential for long-term returns.
Source: Juwai IQI
Demand from foreign buyers overall has risen to a market share of 7.9 per cent, driven mainly by an influx of buyers to New South Wales. In the first quarter of this year NSW saw a steep increase in foreign buyer activity in residential real estate, accounting for 16.2 per cent of all sales, compared to a two-year low of just 4.0 per cent in Victoria. The share of foreign buyers also increased in Western Australia (7.9 per cent) and Queensland (7.5 per cent).
Chinese buyers, armed with $2.6 trillion in savings accumulated during the pandemic and the reopening of China’s borders, are now in a position to invest significantly in Australian real estate, particularly in Sydney. In January, Chinese buyer inquiries for Australian properties saw a 24% surge compared to December, following the announcement of border reopenings, according to Daniel Ho, co-founder and group managing director of Juwai IQI.
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EN: Mansion Global, Apimagazine, Macrobusiness, Cityhubsydney, Finance.yahoo, South China Morning Post
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