PHOTO: The Lucky Country. FILE
Australia, Dubbed “The Fortunate Land,” Attracts a Growing Influx of Foreign Investors
Recent data from the Foreign Investment Review Board underscores the rising interest of foreign investors in Australian real estate. Notably, Chinese investors bolstered their investments in Australian properties by an impressive $1 billion in the last fiscal year, resulting in a total expenditure of $3.4 billion on real estate Down Under. Meanwhile, investors from other nations did not match this level of activity.
Hong Kong investors emerged as the second-largest group, contributing $600 million to the Australian property market during the same period. Despite strict regulations governing foreign real estate acquisitions, some industry experts argue that this heightened competition exacerbates the housing crisis.
Auctioneer Tom Panos observed, “Sometimes, when a local buyer is outbid, the enthusiasm wanes. Prospective buyers are left disheartened, leading them to question their chances of ever acquiring a property.”
Stephanie Wong, a real estate agent at Plus Agency specializing in marketing new homes to foreign buyers, highlighted a penthouse in Sydney’s Lavender Bay, featuring five bedrooms and four bathrooms. Wong emphasized the property’s design tailored to appeal to Chinese buyers, down to details like the absence of the number four in the elevator, a number considered inauspicious, while numbers like eight and nine are considered auspicious.
Although the luxury home carries a price tag of $14.5 million, foreign buyers may incur additional fees and surcharges, potentially pushing the cost beyond $16 million.
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Monika Tu, the proprietor of Black Diamondz Property Concierge, noted that her business thrives due to the strong interest from foreign buyers. She emphasized, “Australia remains the top choice,” following an extensive tour of South East Asia and China.
Chloe Xiao, who relocated to Australia a decade ago, is currently in search of a home for her overseas-based uncle. She shared, “The favorable weather, pleasant environment, and amicable people have not escaped our notice.