Chinese buyers will likely continue to account for the largest share of all purchases made by foreign buyers in Australia this year, according to a report from Juwai.com.
Victoria is expected to remain the first recipient of Chinese residential investment, both local Chinese buyers and foreign customers. Data from the Foreign Investment Review Board showed that the state received about $ 4 in foreign real estate investment for every dollar sent to New South Wales and for every dollar sent into Queensland.
"Melbourne retains obvious advantages over Sydney in terms of lifestyle, price, as well as a stamp duty on foreign buyers of 7%, a point less than the equivalent in New South Wales, "said Carrie Law, Executive Director and Director of Juwai.com.
Therefore, Sydney should retain second place this year. Chinese buyers consider the city to be emblematic. Very few attractions in Melbourne have attracted as much attention from Chinese consumers as Sydney regulars, such as Sydney Harbor, Harbor Bridge, the Opera House and Bondi Beach. More than half (62%) of Chinese tourists visit Sydney, while only 50% go to Melbourne.
Brisbane will also benefit from Chinese purchases thanks to families whose children study in the city and who want to house them in a property that belongs to them. More than 33,000 students from mainland China, Hong Kong, and mainland China were studying in Queensland last year, compared to about 21,000 in 2015, a 57 percent increase in four years.
"Many buyers with whom we work in the hope of paying or making a profit on their student housing costs. They buy a residence and rent an extra room to another student as a roommate. If the combination of this income and potential capital gains is high enough, the student could finish his education after paying a net zero for his housing, "Law said.
Chinese buyers will likely continue to favor new apartments and housing and land complexes, focusing on the four cities. In particular, buyers are away from more traditional downtowns and instead are moving to outlying suburbs where new areas are growing.
"The application is likely to follow if developers or third parties can provide funding," said Law.
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