Chinese investors are becoming increasingly more active in the Australian property market, purchasing some of Sydney’s most luxurious beachside and inner city developments.
A spokesperson from Raine and Horne told China Daily that Australia has experienced a 15 per cent increase in Chinese interest since the beginning of 2009 thanks to changes in the rules that govern foreign buyers.
Australia’s Foreign Review Board (FIRB) changed the foreign ownership rules so that all apartments in new projects could be sold to foreigners. Previously, only half the apartments in a development could be sold to overseas buyers.
The FIRB also abolished the $300,000 purchasing limit given to student visa holders.
In March this year, a Chinese businessman purchased a Sydney property for a whopping $32.4 million.
Two Rose bay properties worth $14.5 million and $15 million were also bought by Chinese investors earlier this year.