When will the boom explode? Discussion on Australian property

Australian property

Australian house prices are already on the rise and they could rocket even further when the international borders open – particularly in Perth.

Juwai IQI executive chairman Georg Chmiel said the local team had continued to sell to buyers from Malaysia, Singapore, Indonesia, China, and Hong Kong despite the travel restrictions, but the end of these curbs “will mean the rubber snaps back in the other direction.”

“All those buyers who have held back will be considering going ahead with their transaction. For example, students will return and they are driver of significant transaction numbers,” he said.

“Things are not yer back to normal, but COVID is now just a fact of life for many buyers. They expect life to go on. Most buyers in Perth already know the city or have children who intend to move there or who already live here.

“One recent buyer from China is typical. She could not travel to Australia but went ahead with the purchase.”

Lily Chong, head of IQI WA, part of the Asian real estate group Juwai, said COVID had “transformed Australia’s reputation”.

Lily Chong Australian property

“We used to be seen as a sleepy Western-style nation in the Pacific,” she said. “Now, because of the pandemic, Australia is recognized as one of the safest places in the world. That gives buyers double confidence in purchasing here.”

” We have received many enquiries from expats who want to move back here or foreigners who want to migrate here.”

Read more: The West Australia

Source: The West Australia

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