Melbourne remains the most popular city for wealthy Chinese buyers. (picture of Australian newspaper)
Australia recorded the strongest double-digit increase in Australia`s 3 million to 7 million Australian dollar realize, according to the Aussie News>.
However, in the second quarter of this year, the number of buyers in the second quarter fell by 36%, according to a decline in favor of $7 million to $14.5 million. In the same period, the lowest-threshold luxury property in Australia is also underperforming, and Chinese buyers have also fallen by 2% for the $2 million Australian dollar, according to the Juwai.com `s data.
But last year, more than three million Australian dollars sold in the Mossman district of Sydney, with two deals, came from China.
Jacobs (Ken Jacobs), managing director of Christie`s International real estate (Christie`s International Real Estate), said there was more of a shortage of real estate supplies than a lack of buyers in Australia`s high-end real estate market.
"the trend I`ve seen in the past six or seven years is that many overseas buyers from Europe and China are not ready to buy a house, but see Australia as a way out. These Europeans are worried about the impact of terrorism and mass immigration into Europe, arguing that setting up homes in Australia is on the safe side. This is similar to what you saw in New Zealand. Tech leaders such as Tyre (Peter Thiel) are scrambling to buy homes in New Zealand just before they pass restrictions on foreign buyers. "
Melbourne is the most popular among Australia`s major state capitals, according to the data. Despite the increase in foreign buyer taxes in government, the falling Australian dollar means buying an apartment or separate home worth about A $800000 in Australia will now cost A $88000 less than it did in 2017.
As Australia`s real estate market improves, Chinese buyers are expected to return to Australia next year. A new report released by Juwai recently also showed that the Australian dollar has depreciated by more than 11 percent against the yuan, making Australia`s local real estate more attractive.
In addition, Australian real estate industry experts believe that China`s reduction in capital controls provides an unprecedented opportunity to promote Chinese investment in Australia.
The new state and Victoria currently have 8 percent tax on overseas buyers, according to a report entitled "China`s tracking of Australian residential investment (Chinese Australian Dwelling Investment Tracker)". The report, entitled "China`s tracking of Australian residential investment", points out that both new states and Victoria currently have 8 percent tax on overseas buyers. But Luo Xuexin, chief executive of Juwai, said: "Melbourne is the most popular city for Chinese people to buy homes in Australia. Chinese buyers have 83 percent more consulting on Melbourne real estate than Sydney."
"the cities with the fastest growing interest in Chinese buyers are Hobart, Brisbane and Canberra. In Hobart, Chinese buyers asked 77 percent more buyers in 2018 than the previous year. Canberra is the third-highest-growing city for Chinese buyers in Australia, up 24.6 percent. But buyers` interest in the Hobart and Canberra markets is significantly lower than in Sydney or Melbourne."
However, although Chinese buyers grew year-on-year for the second quarter in a row, their activity is expected to remain steady for the remaining two quarters. But as the Australian housing market begins to recover from a two-year downturn, the activity of Chinese buyers will pick up. "
Luo Xuexin added: "83 per cent of Chinese clients emigrate on the grounds of education, 69 per cent for environmental reasons, 57 per cent for food safety and 28 per cent for asset safety. 44 per cent of Chinese investors plan to increase investment in overseas real estate over the next three years."
