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Developers and agents in Australia are targeting cashed-up Chinese investors with various incentives, as they look to profit from Chinese New Year, an industry expert has revealed.
Despite the pandemic restricting overseas flights, a number of countries including Australia are looking to attract Chinese investors through a range of interesting incentives.
As part of their sales pitch, one developer in Melbourne is offering investors a session with an immigration lawyer, while another is baiting buyers with the offer of a free, luxurious, Melbourne-based, personalised concierge service.
Similarly, Elements at Carousel in Perth is offering Chinese New Year’s buyers an $8,888 developer rebate upon settlement. To qualify, buyers must make a reservation within 15 days of 11 February, although they have until after the holidays to sign the contract.
The extra incentives and a COVID rebound are expected to boost cross-border buyer enquiries by 20 to 30 per cent from last year.
Juwai IQI Group co-founder and executive chairman Georg Chmiel said Chinese New Year is probably the most important season for Chinese overseas home buyers.
“China is battling a new wave of COVID-19, so China is encouraging people to stay home and not travel. With fewer people traveling and more at home, more will have the time and inclination to look at overseas property,” Mr Chmiel said.
“Many Chinese with unexpected bank account surpluses are telling us they have decided to invest in real estate rather than fritter away the money. That’s why home prices in major Chinese cities are climbing. It is also one reason we forecast higher demand in Australia.”
Mr Chmiel has tipped Chinese investors could see a rise in disposable income as the country battles through a second wave of lockdowns across the country.
“In the Chinese city of Hebei, more than 22 million people have been told to stay home. People are encouraged to stay at home across most of the country, including in the wealthy cities of Beijing and Shanghai,” Mr Chmiel said.
“For property marketers, this is an opportunity. Consumers are at home with nothing to do, and they have the whole week off. You can have their undivided attention.”
According to the developer, similar incentives are also being used in Canada, Malaysia and Thailand.
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