Chinese buyers pick up property in Australia
November 28, 2012 - Australia
Foreign developers made up about 30 per cent of the Australian market last year, and China took up 9 per cent of that - an increase over previous years.
The China Daily News reported that more than 1,200 apartmentswere either planned, being marketed or were under construction by Chinese companies in Australia in the fourth quarter of 2011, according to real estate firm CBRE.
The Chinese mainland was only led by Singapore (37 per cent), Hong Kong (20 per cent) and Malaysia (12 percent ).
Chinese investment is being driven by rising Chinese wealth, a desire for secure investment, and freehold laws.
"Unlike in China, once a buyer purchases property in Australia, it's theirs forever and can be passed down from one generation to another", Melbourne real estate agent Chris Bevan told China News Daily.
Bevan said his recent sales to buyers from Shanghai ranged from two-bedroom apartments priced at $300,000 to a luxury beach-front home for $18 million around Melbourne.
He said JPDixon, the company he represents, has attended property shows in Shanghai for the last three years. "(This)helps keep our real estate and economy growing," he said.
Another factor driving investment is the Australian education system: There are some 160,000 Chinese students in Australia, and many Chinese families who can afford it would prefer to buy an apartment nearby.
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