Chinese buyers set to re-enter Australian property market
- Posted By Ndl 1 Realty
As China lifts its border restrictions for the first time this week, allowing its citizens to travel overseas, experts predict an increase in Chinese property investment.
According to the leading Chinese property website group Juwai IQI, Australia is the top destination for Chinese buyers, followed by the United States and Canada.
Juwai IQI's Chief Executive Kashif Ansari stated that Chinese citizens' travel priorities include visiting family and friends, studying abroad, conducting business, tourism, and investing in properties.
“This will be the first opportunity in three years for most Chinese to visit overseas real estate markets,” he said.
“We expect Chinese outbound travel and accompanying property investment to increase rapidly in January from its current very low level.”
Mr Ansari predicts that Chinese outbound travel will reach pre-pandemic levels by mid-2024.
The December report from the Foreign Investment Review Board shows that Mainland China and Hong Kong have been approved for five times more investment in Australian housing than the next highest country, Vietnam.
Juwai's data indicates that Chinese buyers favour Melbourne, Sydney, Brisbane, Perth, and the Gold Coast as their top five cities of choice.
Helen Yan, Director of Ray White Balwyn, expects most Chinese travellers to wait until Chinese New Year on January 22nd before making trips abroad.
She also mentioned that she had received a few messages on WeChat from individuals planning to travel to Australia soon, inquiring about the size and location of properties.