The massive growth in Chinese buyer interest is “great news” for Australian first-time buyers, according to an online property portal.
A report by Chinese international property website Juwai.com shows that Chinese buyers made 87.1 per cent more enquiries to Australian sellers last year than they did in 2014.
The report also shows that while Chinese buyers are active across all price ranges, more than half are seeking property between $200,000 and $500,000.
Gavin Norris, head of Juwai.com’s Australian operations, said these figures are “great news” for Australian first-time buyers.
“When offshore investors purchase off-the-plan, they give developers the security they need to start construction on the new buildings that will provide homes for Australians,” he said.
“The Property Council of Australia tells us that every Chinese buyer makes four homes available for local buyers.”
When it comes to the motivations for wanting to purchase property in Australia, the report found that ‘investment’ was the most popular incentive (36 per cent) for Chinese buyers, followed by ‘emigration’ (34 per cent), ‘education’ (18 per cent) and ‘lifestyle’ (7 per cent). Only 5 per cent of Chinese buyers listed ‘other’ as a motivator.
Melbourne was the top Australian city for Chinese buyers based on consumer inquiry value, followed by Sydney, Brisbane and Adelaide, with the Gold Coast rounding out the top five.