Agents cash in on foreign investment

Agents cash in on foreign investment

by 0 comments

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.

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.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?