Melbourne is the top Australian destination to invest in for Chinese property buyers, according to a new report from Chinese listings site Juwai.com.
The report on Chinese global real estate buying habits listed Sydney in second place, followed by the Gold Coast, Brisbane and Perth. Adelaide was the only major city not to make the list.
Co-CEO of Juwai.com Andrew Taylor said the surge in Chinese investors in Australia was only just beginning.
“The trends show that the number and the wealth of Chinese investors will grow rapidly in coming years, as will their interaction with the rest of the world,” he said.
“For many wealthy Chinese, Australia is the launching pad for going global. It’s a safe, comprehensible and exciting first step for engaging with the rest of the world.”
Mr Taylor explained that Australia fulfilled three key motivations for Chinese investors purchasing property. These were investments that protected and built capital, property their children can live in while studying abroad and a desirable place to immigrate to.
In other parts of the world, New York was the United States’ top destination, London was the UK’s, and Vancouver was Canada’s top selection. Paris, in France, and the surrounding region accounted for three of the top five destinations.
Juwai also found that nearly half of the 118 top global destinations for Chinese property buyers were beach destinations. More than one quarter were the locations of United Nations World Heritage Sites. Forty per cent were located in advanced economies, including Australia, while 81 per cent were located in the northern hemisphere. Only 28 locations, or 24 per cent, were located in Asia.