chinese buyers finding australian property very attractive
News Posted On: 01 February 2012
More and more Chinese nationals are investing in the Australian property market. Last year foreign developers accounted for 30% of the Australian apartment market, with Chinese developers taking a 9% share of the market.
While local developers in Australia have been hampered by stricter lending requirements, there is no such problem with Chinese capital, and it's expected that investment into Australian property will continue this year.
CB Richard Ellis found that more than 1,200 apartments were being planned or were currently under construction by Chinese companies in Australia during the fourth quarter of 2011. Melbourne and Sydney are by far the two most popular locations, with 80% of all the apartments currently under construction or being proposed by foreign developers located in the two cities.
Apparently many Chinese nationals are buying Australian apartments for family use; with most choosing to buy homes in the larger cities. With 160,000 students currently studying in Australia, homes near to university campuses are particularly popular. As are freehold properties which can be passed down from one generation to another. In China property ownership can only last for 70 years before ownership reverts to the government.
As for type, Chinese buyers are purchasing a huge range of property ranging from two-bedroom apartments to luxury beachfront homes costing millions of dollars. As a result, many Australian estate agents are attending more property shows in China as they are keen to market homes to the Chinese.
View Australian property for sale
Written by Les Calvert
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