Queensland Australia in Top 10 For Chinese Real Estate Investment

Posted: November 24, 2014 in Econ 101, Society and Culture

SOURCE: http://www.couriermail.com.au/realestate/news/queensland-snares-growing-number-of-property-tigers-with-two-cities-in-the-chinese-global-top-10-investment-property-search-list/story-fnihpu6h-1227129916813?nk=6967899772c68bacce75524d1a633537

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Queensland snares growing number of property tigers with two cities in the Chinese global top 10 investment property search list.
Simon Henry, co-CEO of Juwai.com in the hustle and bustle of King George Square outside B

Simon Henry, co-CEO of Juwai.com in the hustle and bustle of King George Square outside Brisbane City Hall – Photo Steve Pohlner

QUEENSLAND has emerged as one of the most popular places for China’s emerging property tigers to roam, with two cities in the Chinese global top 10 investment property search list.

Brisbane and the Gold Coast emerged among the top 10 cities in the world that Chinese buyers are keen on, according to top Chinese international real estate portal Juwai.com.

Juwai co-chief executive Simon Henry, who was in Brisbane recently to attend the G20 Global Cafe event, said the USA topped the national lists but Australia was a close second.

“Australia had four of the top 10 cities globally – Sydney, Brisbane, Melbourne, and the Gold Coast” with buyers keen on the country’s proximity, timezone, safety aspects and international reputation as a premium destination.

Love him or hate him, Queenslander and former prime minister Kevin Rudd has helped lift Chinese interest in Australia because he got “an awful lot of airtime in China because of his language skills”.

Mr Henry said Chinese families were looking offshore for their second or third property investments because of cooling measures in place in China.

Searches here were in the $1.2 to $1.3 million mark – though most worked off budgets that were in the $2 to $3 million range, Mr Henry said.

“They’re certainly not first-home-buyer type properties. They’re looking for new builds and off the plan properties in that million-dollar-plus space.”

Education was a big driver as well, with upper middle-income Chinese families willing to spend up to 70 per cent of their budgets on their children’s future including buying a property for them to live in while studying.

“Australia is known as a safe place to live, with good property options available. The lifestyle is also good and some are looking ahead to moving to Australia permanently later to set up businesses or retire.”

Sky Huo has just bought a home in Robertson. Picture Annette Dew

Sky Huo has just bought a home in Robertson. Picture Annette Dew

Tom XiaoYi, of Yong International Real Estate, said the Chinese market was showing growing interest in parts of Brisbane including Robertson, where the family of university graduate Sky Huo recently bought a property.

“Sunnybank, Robertson, MacGregor, Eight Mile Plains, Sunnybank Hills, Cannonvale, Stretton, these are sought after suburbs in the Chinese market. It’s because it’s close to lots of cultural centres, restaurants, shopping, and importantly to university and good schools.”

“In the past few years property prices on mainland China have skyrocketed which makes buying a house extremely unaffordable in China. It’s actually caused more people to choose to move overseas, and with Canada recently closing the door on the investor visa, Australia has become more popular.”

Mr XiaoYi expected many Brisbane residents to be able to fetch prices higher than pre-global financial crisis highs if they had the right combination that attracted Chinese buyers.

“Enquiries have definitely increased. Chinese are very location discriminative – close to services, shopping, schools and universities. Properties they can move in straight away tend to get a lot more than those that need a bit of work.”

What Chinese buyers are looking for:

Property type – Motivation

New builds, apartments and duplexes – Education/investment

Trophy homes in prestige areas – Lifestyle

4-bedroom, 2 garage, 2/3 bathroom homes or multiple properties together – Migration
SOURCE: Simon Henry of Juwai.com

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