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New deal gives Asian buyers easier access to Victoria and Qld housing projects

By Grace Ormsby
02 April 2024 | 11 minute read
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An Australian housing developer is teaming up with a 20-country network of more than 40,000 agents to bring Asian buyers to Australian housing projects.

IQI, a network comprised of more than 40,000 agents, has launched a partnership with Glenvill, in a bid to showcase investment opportunities across Victoria and Southeast Queensland to Asian buyers.

IQI is a member of Juwai IQI, while Glenvill is a Victoria-based building company that focuses on developments, housing and projects.

In addition to striking up their own working relationship, the partners have also reportedly aligned with an Australia-based finance firm to make it easier for foreign investors to achieve finance.

The alliance follows the release of Treasury data that reaffirmed mainland China as the number one source of foreign property purchasers in Australia.

Across 202223, Chinese purchasers spent $3.4 billion worth of Australian real estate assets. Hong Kong was the next biggest spender at $600 million. Vietnamese buyers bought $400 million worth of Australian real estate, while Taiwanese and Singaporean purchasers spent $300 million on Australian assets apiece.

Speaking on the strategic partnership, Glenvill’s international business development manager Nick Stojanovski said IQI’s network “extends into every Asian country that is a major buyer of Australian residential property or a major source of immigrants”.

“Working with IQI will also help us market to both international investors and new permanent residents,” he explained, noting that Australian immigration is running at a record high pace, with 548,800 new immigrants coming to Australia in the year to 30 September 2023.

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Stojanovski said: “This immigration has created opportunities in Australia to supply the ever-increasing demand for new housing and rental properties with supply, which is currently at historical lows. Vacancy rates nationally are down to about 1 per cent. Australian housing prices are expected to continue to grow in value on the back of this increase in demand.”

Acknowledging IQI as “the largest real estate agent network in Asia”, Stojanovski said the partnership would help Glenvill “reach buyers not just in Australia, but also in a total of 20 countries around the world”.

“That’s exactly the kind of partner we need,” he remarked.

Daniel Ho, Juwai IQI co-founder and group managing director, also noted their own data shows Australia is the number one destination for Chinese and Singaporean buyers.

Noting that many developers regularly form partnerships within distribution channels to reach a wider pool of buyers, Ho said they are “pleased to be launching this partnership with Glenvill and look forward to helping buyers in Australia and overseas learn more about Glenvill’s properties and value proposition”.

“Few developers in Australia have as long and exemplary track record as Glenvill, which has been developing homes and communities since 1958, more than 60 years ago,” the managing director continued.

The head of IQI Victoria, Winston Lo, is also enthusiastic about the new partnership, which will provide immigrants and foreign investors the ability “to own part of the great Australian dream”.

“Overseas buyers account for one out of every 10 new homes sold in Victoria, and that number leaves aside new immigrants and permanent residents, who account for a significant additional share,” he commented.

“Overseas buyers are channelled into the new home market by FIRB regulations. Because they are more willing to purchase off the plan, they help developers launch projects and bring new homes to the market that otherwise would just remain on the drawing board,” Lo shared.

He sees now as the time for investment to occur, noting “the demand for new housing well exceeding supply in Australia and rental yields skyrocketing due to this shortage”.

ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

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