Hong Kong buyers had been in contact with local migration agents in the hope of finding a home before buying homes in Sydney and on the Gold Coast, Domain said.
Demand for real estate in Sydney from Hong Kong buyers has increased since the unrest began in the region. However, getting legal residence is more important to them, according to Georg Chmiel, executive chairman of Juwai.com.
"Expect to see the rich Hong Kongers renting for the first time in Sydney or at least waiting to get their visa before buying them. In this way, they can avoid the tax on foreign buyers, "said Chmiel.
Hong Kong businessmen are common seekers of the "gold visa", processed by the federal government and bound to a government of a given state.
The tension has greatly affected the Hong Kong stock market. This has made the storage of wealth abroad a reasonable prospect for Hong Kong businessmen.
Hong Kong buyers are already checking properties in Sydney and the Gold Coast. Most of them are successful businessmen; some are already Australian residents or have resident children.
Until 2017, Hong Kong investors considered Australia as the top destination for foreign buyers, according to trends in Juwai.com buyer surveys.
Since then, the country has ranked fourth only, as foreign buyers can no longer borrow from Australian banks and most of their preferred destinations requiring a tax of 7% to 8% on purchases made by foreign buyers.
However, demand for Australian properties from Hong Kong buyers is back, as shopping requests have increased by 53% last year.
"For the rich Hong Kong, Australia ranks second after Singapore and just before Canada's destination. Even if they disembark from Hong Kong, they will generally continue to rely on China and Southeast Asia to fuel their income, and Australia makes a lot more sense than migrating to the country. 39, American hemisphere, "said Chmiel.
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