Chinese buyers eye off Oz

Chinese buyers eye off Oz

11 January 2010 by Staff Reporter 0 comments

The Australian property market is gearing up for a boom year dominated by investors.

LJ Hooker real estate agency expects the majority of investors to hail from abroad, with the company establishing a Chinese-language website.

The real estate’s decision to launch a foreign website came after the government amended its investor regulations.

Today, foreigners who hold a temporary Australian visa for more than a year, and those holding a bridging visa while they apply for permanent residence, can now buy established as well as new homes.

Selling agent Michael Pallier from Raine & Horne’s branch in Sydney’s Double Bay told The Australian Financial Review, that since those changes were made, the level of foreign investor interest had soared.

Mr Pallier said at least five of his own sales worth more than $10 million each went to Chinese investors.

Sydney based valuer, Luke McNeilly said buyers with overseas address were mostly from Asia and often paid hundreds of thousands of dollars above market price.

“They are mostly buying into suburbs that are close to the city. Ultimo, Sydney [CBD], Haymarket, Camperdown, Broadway, they’re the suburbs where it happens fairly regularly,” Mr McNeilly said.

The Australian property market is gearing up for a boom year dominated by investors.

LJ Hooker real estate agency expects the majority of investors to hail from abroad, with the company establishing a Chinese-language website.

The real estate’s decision to launch a foreign website came after the government amended its investor regulations.

Today, foreigners who hold a temporary Australian visa for more than a year, and those holding a bridging visa while they apply for permanent residence, can now buy established as well as new homes.

Selling agent Michael Pallier from Raine & Horne’s branch in Sydney’s Double Bay told The Australian Financial Review, that since those changes were made, the level of foreign investor interest had soared.

Mr Pallier said at least five of his own sales worth more than $10 million each went to Chinese investors.

Sydney based valuer, Luke McNeilly said buyers with overseas address were mostly from Asia and often paid hundreds of thousands of dollars above market price.

“They are mostly buying into suburbs that are close to the city. Ultimo, Sydney [CBD], Haymarket, Camperdown, Broadway, they’re the suburbs where it happens fairly regularly,” Mr McNeilly said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, 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
William Phillips on how agents can expand their database and grow their business

In this episode of Secrets of the Top 100 Agents, host Tim Neary is joined again by William Phillips to discuss the real estate database and...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?