Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Agents cash in on foreign investment

By Staff Reporter
14 October 2009 | 1 minute read

Some Victorian real estate agents have decided to hire Mandarin-speaking salesmen in order to cash in on the mild property boom.

Advertisement
Advertisement

A report in today’s The Herald Sun found that more than 30 per cent of one agent's stock was being bought by families from mainland China.

Jellis Craig real estate director Scott Patterson said more than 34 per cent of the company’s sales so far this calendar year had gone to Chinese Buyers, up from 15 per cent last year.

As such, the company has hired two Mandarin-speaking salespeople.

Data from the Foreign Investment Review Board found that Australia permitted 4,015 foreign investors to buy homes worth an estimated $2.97 billion in 2007-08.

Victoria had the highest approvals of any state, soaring to 2238 last year – almost double that of the year before.

Some agents believe the surge in international interest is thanks to the government allowing foreign citizens to buy established homes worth more than $300,000.

Agents cash in on foreign investment
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast

 

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Boomerang Beach
66.67%
Gnarabup
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.