According to a report by news.com.au, Melbourne is expected to be the first search site for Chinese buyers in the Australian real estate market this year.
The objective of Chinese investors to acquire properties in the country is motivated by their growing wealth and the "desire to negotiate while the market is soft," said the international Juwai property website. com.
The lack of investment opportunities in real estate in China, a probable transfer of investment from the United States to Australia because of the trade war and l '. weakening of the yuan have also been identified as the reasons for the move.
Despite Chinese buyers' interest in Australian properties, buying activity has declined and is expected to remain stable in 2019.
While residential home buying requests on Juwai.com rebounded in the last three months of 2018 and were able to exceed the December 2017 quarter numbers by 58.1%, claims fell by 20%. % at one point in 2018 compared to the previous year.
This type of claim is expected to continue this year, if no major economic or political changes are to be made.
Purchases by Chinese buyers in Australia are hampered by foreign purchase taxes, difficulties in securing finances and control of capital from China, according to Carrie Law, executive director of Juwai.com,
.
"A substantial change in any of these areas could result in a corresponding increase in buyer activity," she said.
Juwai.com predicts that Chinese buyers will still rank first on the list of Australian foreign buyers, with Melbourne being the most sought-after location by them.
"According to data from the Foreign Investment Review Board (Victoria), Victoria receives about $ 4 in foreign real estate investment for $ 3 per year going to New South Wales and $ 2 per year going into the United States. Queensland, "said Law.
Melbourne would have obvious advantages in terms of lifestyle, price and stamp duty of the foreign buyer who at 7% is one point lower than the equivalent in New South Wales.
Juwai.com initially designated CBD, Point Cook, Doncaster, Southbank and Toorak as the most popular suburbs in Melbourne among its users.
Geelong was also among the cities in the region that Chinese buyers preferred in terms of housing.
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