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.