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Agents cash in on foreign investment

Agents cash in on foreign investment

by Reporter 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.

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