- 14 October 2016
Chinese 'Upgraders' Adding New Twist To Real Estate Boom
They came for the education — they stayed for the lifestyle.
Thousands of families from the first wave of Chinese property buyers are adding a new twist to the already booming real estate market, as “upgraders” ditch their off-the-plan apartments for houses and terraces.
In just the past five years, Chinese investment has grown from 10 per cent to 25 per cent of all foreign real estate investment in Australia.
It comes as latest figures from research firm CoreLogic showed continued strength in house prices, with the country recording its 52nd consecutive month of growth in September, boosted by strong auction clearance rates in Sydney and Melbourne.
Housing demand hits all-time high
Housing demand has hit all-time high across the country driven by record levels in New South Wales and Victoria, the first-ever REA Group Property Demand Index has found.
Brisbane house prices are expected to rise at higher rate than Sydney and Melbourne over the next three years - the latest Australian Housing Outlook 2016-19, prepared by BIS Shrapnel for QBE (released Thursday) expected Brisbane’s median house price to grow 6.5 per cent over the next three years, beating Sydney (0.2 per cent), Melbourne (-0,6 per cent), Adelaide (-1.3 per cent) and Perth (-2.4 per cent).
REA expected the Gold Coast to continue to see elevated levels of apartment demand despite high levels of supply. “The upcoming Commonwealth Games, as well as improved infrastructure is likely a key factor here.”
REA chief economist Nerida Conisbee said Queensland closely tracking the national demand figure meant “the amount of demand is appropriate and is keeping housing affordable in Queensland”.
Have a great weekend and catch you next week!
Warm Regards,
Troy Gunasekera
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