- 21 April 2016
Chinese Buyers Double Down on Australian Property
It is always interesting when you hear quotes like "property is done for" or "who will buy houses at these prices?" etc...
Then, when you look at this article from Domain.com.au
Foreign appetite for Aussie homes, from all corners of the globe, has surged in the past financial year, with the value of proposed investment rocketing by more than 75 per cent.
The Foreign Investment Review Board annual report shows Chinese buyers remain by far the biggest foreign buyer of property, splashing $24.3 billion in 2014-15 – more than triple the United States and six times the outlay from Singapore.
In 2013-14 China’s intended investment was $12.4 billion, according to FIRB’s past annual report.
That financial year, China surpassed the US for the first time as Australia’s number one foreign investor, and the dominance continues.
About half of all investment rubber-stamped by FIRB in 2014-15 was for real estate, equalling $97 billion.
Dave Platter, spokesman for Chinese international property website Juwai, described offshore investment as a “rising tide”.
Mr Platter said there was an “immense un-tapped demand” in China for international real estate.
“There are many, many, many potential Chinese buyers who haven’t even thought about it yet, but one day soon will,” he said.
“We expect Chinese investment overseas to more than double or triple by 2020, and that is not just in Australia – we mean globally.
“So we are not surprised at all by the trend, and we expect it to continue.”
Chinese investment in Australian real estate has doubled
Great, positive information to be aware of, again to keep a good platform under our property prices!
Have a great week-end.
Warm Regards,
Troy Gunasekera National Manager
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