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Chinese Investors Flocking to Australia

Monday, October 28, 2013

Chinese buyers are showing strong interest in the Gold Coast property market and are willing to pay a premium, adding pressure to an increasingly heated local market.

Gold Coast real estate agents report the number of sales has doubled in recent months with properties fetching tens of thousands of dollars more than the expected price.

Asian investors are spearheading the interest with many being bought by Chinese investors, sometimes sight unseen. When Chinese buyers see what they want, they are willing to pay a premium.

One agency has sold more than $30 million worth of property this month, including nine homes in just three days. One Currumbin property sold for 26% above reserve last month while Chinese buyers snapped up 50 properties.

It's the strongest month the Gold Coast has ever seen - it is up about 50% on previous months. About 15% buyers of buyers at Gold Coast  are currently Asian. And the Gold Coast is within the Top 3 areas of interest in Australia.

Gold Coast sales to Chinese this year are up by about 50% this year and it keeps gaining momentum. The Chinese do their research and when they can see the capital growth prospects, they buy.

Another agency has said that enquiries from South-East Asians had tripled in the past six months, with Chinese investors showing strong interest in off-the-plan developments.

According to the AFR, Chinese property listing website AC property is showing that the most searched for Australian cities for Chinese buyers are Sydney, Brisbane, Melbourne and Gold Coast, in that order.

 

By Catherine Smith

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