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Chinese investors developing appetite for Sydney real estate
Governement figures reveal that Chinese buyers spent AU$4 billion on Australian property last year.
As a Chinese immigrant and investor of Australian property puts it, "China is a nation that loves to save money. To buy property is in our bones so [if] you have the money but you don't have [any] property to buy, the investor will start to look overseas."
Chinese would also fly in for the weekend to look for properties, place the deposit, and fly back Monday and go to work, she adds.
With 135 million middle-class Chinese – a number that is expected to grow to 540 million by 2020 – many are interested in purchasing properties in Australia.
Chinese investors prefer those that are close to train stations, prestigious schools, CBDs, as well as suburbs that are well-known in the Chinese community (these include Hurtsville, Chatswood and Ashfield in Sydney).
Harry Triguboff of the Meriton Group said that 15% of its sales in 2012 were to offshore Chinese investors, adding that the right to title is a major drawcard and that the buyers often have someone in the family in school or university in the area.
Read more on ABC.
