10 March 2014
/ South China Morning Post
Housing prices in Australia skyrocketed 27% in Sydney and Melbourne, mostly due to a massive surge of Chinese property hunters whose investment in Australia shot up 60% in the last 2 years, reports the South China Morning Post (10 April 2014). Based on data from Juwai.com, Chinese buyer interest increased as much as 370% from last year. "Investment and lifestyle are major considerations. Quality education and medical â€“ and, of course, immigration â€“ are strong factors," says Andrew Taylor, Co-CEO of Juwai.com. Last year, the sale of Altona in Point Piper, Sydney for A$54 million to a Chinese in March made headlines as the largest residential property sale in Australia. In April, yet another Point Piper home was purchased for A$33 million by another Chinese millionaire. However, Taylor states that while the purchases of lavish luxury homes by Chinese has made waves in the news, the most popular price range for Chinese homebuyers is in fact within the A$550,000 to A$750,000 range.