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Quote of the Week: $100,000 over market price is not a problem
By Juwai, 07 January 2014
"They’re buying a lot of properties unconditional – $100,000 to $200,000 over market price is not a problem for these buyers."
Joseph Ngo, LJ Hooker Glen Waverly agent
Education remains as one of the top reasons why Chinese property investors buy homes abroad, especially in Australia. And, when it comes to a location that is convenient to good schools, Chinese buyers are willing to pay a premium.
41% of Chinese buyers state education as their main driver in buying property overseas.
In Melbourne, Australia, that demand is pushing up prices in districts that have good schools. Prices are up over this past year 45.8% in Balwyn, 22.2% in Balwyn North and 23% in Mount Waverly – all of which are well known for their good schools. Some buyers push up values even further by demolishing the modest, existing houses to rebuild lavish new homes.
Juwai.com customer, Joseph Ngo of LJ Hooker Glen Waverley successfully sealed 35 sales, totalling more than $20 million in the second half of 2013.
90% of their clients are of Chinese descent, with 60% actually coming from mainland China.
The convenience of being a short walking distance from distinguished and reputable schools pose massive appeal to most, if not all, Chinese homebuyers. Many do not even bat an eye at paying exorbitant prices to secure such homes, believing that their children's future education take precedence over the price factor, while some prize the fact that their children will grow up with exposure to dual cultures.
Read the full story in The Canberra Times.
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