Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Agents cash in on foreign investment

14 October 2009 Reporter

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

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
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
REAL ESTATE BUSINESS 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.