{"id":42928,"date":"2023-05-11T09:17:43","date_gmt":"2023-05-10T21:17:43","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42928"},"modified":"2023-05-11T09:17:43","modified_gmt":"2023-05-10T21:17:43","slug":"a-new-nationality-is-snapping-up-aussie-homes","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/a-new-nationality-is-snapping-up-aussie-homes\/","title":{"rendered":"A new nationality is snapping up Aussie homes"},"content":{"rendered":"

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

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It\u2019s often been said Chinese property buyers are dominating Australia\u2019s real estate scene, but experts say a different investor with an unexpected approach is overwhelming one state\u2019s housing market.<\/p>\n<\/div>\n

The nation\u2019s property scene has experienced a 2.7 per cent jump in the number of new homes being purchased by international buyers in the first quarter of this year.<\/p>\n

Consequently, the market share for this category now sits at 7.9 per cent, with real estate experts claiming about half of these are Chinese buyers \u2013 particularly in Sydney.<\/p>\n

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However, property specialists in Melbourne have since come forward saying another type of homebuyer is increasing in the city\u2019s western suburbs.<\/p>\n

Real estate agents and mortgage brokers have revealed they\u2019re noticing a larger clientele of Indian, Malaysian and Singaporean property buyers seeking out suburban homes.<\/p>\n

Just under 784,000 individuals with Indian ancestry reside in Australia, of which 38 per cent live in Victoria, which has the largest Indian population in the country.<\/p>\n

The trend comes after Victoria saw\u00a02757 foreign property transactions\u00a0between July 2020 and June 2021, of which 389 were valued over one million dollars.<\/p>\n

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And it\u2019s anticipated this number will surge in coming years with experts predicting the\u00a0nation\u2019s population will increase by 900,000 people\u00a0by the end of June 2025.<\/p>\n

But despite Victoria embracing diversity, Melbourne property specialists say the rise in foreign buyers could come with dire consequences.<\/p>\n

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Real estate agents are noticing more demand for Melbourne\u2019s west. Picture: Dylan Coker\/NCA NewsWire<\/strong><\/em><\/div>\n

Why foreign buyers are choosing Australia<\/b><\/p>\n

Real estate investor and entrepreneur Hari Yellina told news.com.au there are several reasons why Indian buyers choose the Australian property market.<\/p>\n

This spans from Australia\u2019s educational system to the nation\u2019s political scene, with other motives including the lifestyle, employment opportunities and long-term capital growth.<\/p>\n

\u201cAustralia is known for its world-class educational institutions, which draw a large number of Indian students,\u201d Mr Yellina said.<\/p>\n

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\u201cMany Indian families invest in Australian properties to provide accommodation for their children studying there or to capitalise on the growing demand for rental properties among students.\u201d<\/p>\n

Migration and familiarity is another reason why Indian buyers particularly choose Melbourne, with many purchasing a home in a bid to obtain permanent residency.<\/p>\n

\u201cThe presence of a large Indian community in Australia may offer a sense of familiarity and support for new migrants and investors,\u201d Mr Yellina said.<\/p>\n

\u201cThis factor, combined with the widespread use of English, makes Australia an accessible and comfortable choice for Indian buyers.\u201d<\/p>\n

Mortgage broker Heni Kwan, who ran as an independent for the seat of Werribee in the 2022 Victorian state election, added there\u2019s been a push politically to strengthen the relationship between the Australian and Indian community.<\/p>\n

\u201c(The government) are pushing for the relationship between Australia and India to be stronger and by bringing a lot more students from India here to study \u2026 they\u2019re (giving them an incentive) to stay here,\u201d she told news.com.au.<\/p>\n

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