{"id":42091,"date":"2023-01-25T14:51:54","date_gmt":"2023-01-25T01:51:54","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42091"},"modified":"2023-01-25T14:51:54","modified_gmt":"2023-01-25T01:51:54","slug":"chinese-buyers-return-to-the-market","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/chinese-buyers-return-to-the-market\/","title":{"rendered":"Chinese buyers return to the market"},"content":{"rendered":"

PHOTO: Chinese buyers. FILE<\/strong><\/p>\n

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Now China has finally flung open its doors again, Australia can expect a major influx of cash into its housing market.<\/p>\n

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Property Noise Australia Advertising Rates \u2013 2023<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n
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A new report into overseas residential real estate spending intentions has found that around $4.8 billion of funds is likely to be advanced over the 2023 financial year by investors from mainland China and Hong Kong.<\/p>\n<\/div>\n<\/div>\n

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And that flood is due to start anytime now, with the Chinese Lunar New Year holiday this week marking the resumption of travel as visas start being re-issued, new passports supplied and extra flights to Australia launched.<\/p>\n

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Chinese buyers to return to Australia as border opens<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n
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\u201cChina is going from virtually sealed off to nearly wide open in just a couple of weeks,\u201d said Kashif Ansari, chief executive of Asian real estate technology group Juwai IQI. \u201cThis will be the first opportunity for most Chinese to visit overseas real estate markets in three years.<\/p>\n<\/div>\n<\/div>\n

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\u201cChinese international property investment is already beginning to recover from its pandemic lows.\u201d<\/p>\n

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Why Australian property is still a popular choice by Chinese buyers<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n
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Australia is still the preferred location for Chinese buyers, over the US and Canada. A new Foreign Investment Review Board quarterly report reveals that mainland China and Hong Kong together account for five times more money approved for investment in Australian houses and apartments than their nearest rival, Vietnam.<\/p>\n<\/div>\n<\/div>\n

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Investment for 2023 is predicted to nearly double from the previous year.<\/strong><\/em><\/figcaption><\/figure>\n<\/div>\n
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When calculated by the number of investments instead of value, at 3780 approved investment proposals for the upcoming year, that figure is more than seven times higher than Vietnam\u2019s 516. The top targets are Melbourne, Sydney, Brisbane, Perth and the Gold Coast<\/a>.<\/p>\n<\/div>\n<\/div>\n

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\u201cWe\u2019ll tend to see the number of visitors from China increasing from early February to late February,\u201d said Peter Li, managing director of Plus Agency, based in Sydney and Shanghai, marketing boutique projects to Asia. \u201cLooking for property is a priority.<\/p>\n

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\u2018Get over it\u2019: Bob Carr\u2019s advice to prospective homeowners concerned about Chinese buyers<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n
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\u201cWe have bookings to take five to six groups of Chinese buyers around properties every day, with many looking to occupy the homes, and others looking for investments. Buying apartments off the plan is particularly popular as they can put down a deposit and then have time to move their money over.\u201d<\/p>\n<\/div>\n<\/div>\n

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For local investors, this could mean more competition for purchases, but the increase in buyers could also help to prop up softening prices.<\/p>\n<\/div>\n<\/div>\n

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At the same time, the corresponding increase in the number of migrant workers and overseas students coming to Australia will mean demand for rentals will continue to soar, with rising rents and handsome yields.<\/p>\n<\/div>\n<\/div>\n

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Last year, there was only $2.4 billion worth of investments approved for Chinese buyers of Australian real estate, and $2.7 billion the year before. That figure is expected to shoot up to $4 billion as many prefer to be able to physically see what they\u2019re acquiring.<\/p>\n<\/div>\n<\/div>\n

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\u201cNo one buys more\u00a0Aussie residential real estate than buyers from China,\u201d said Juwai IQI group managing director Daniel Ho. \u201cThe USA is by far the largest foreign investor in Australia\u2019s economy, but it is\u00a0not even in the top 10\u00a0regarding residential real estate.<\/p>\n<\/div>\n<\/div>\n

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\u201cIf you thought Chinese buyers<\/a> had disappeared, the numbers show you\u2019re mistaken.\u201d<\/p>\n<\/div>\n<\/div>\n

READ MORE VIA DOMAIN<\/a><\/p>\n

MOST POPULAR IN NEW ZEALAND<\/span><\/h3>\n