Property purchase enquiries from Chinese buyers increased by 87% in 2015, according to new data.
The data released by online Chinese property portal Juwai.com show that Chinese buyers made enquires worth USD$34.9 billion over the year, with Victoria ranking as the most popular state.
The top five cities where Chinese buyers directed their property purchase enquires were Melbourne, Sydney, Brisbane, Adelaide and the Gold Coast. Enquiries for Melbourne property increased by 177% in 2015.
Chinese buyers are active across the entire range of prices, but that more than half of Chinese buyers are seeking property in the $200,000 to $500,000 range.
Juwai.com head of Australia, Gavin Norris, said this great news for first-time buyers in Australia.
“When offshore investors purchase off the plan, they give developers the security they need to start construction on the new buildings that will provide homes for Australians. The Property Council of Australia tells us that every Chinese buyer makes four homes available for local buyers.”
When asked what motivation Chinese buyers had to purchase in Australia, most (36%) reported they consider it an attractive investment. According to Juwai.com, the ability to own freehold property is attractive to Chinese buyers and international property is often seen as good value relative to domestic property.
This was followed by emigration intent (34%) and education (18%). Over a quarter (27%) of foreign students in Australia are from China, the report claimed.
Those Chinese buyers aged between 35-44 years showed the most interest in purchasing Australian property and the overwhelming majority (69%) said they were ready to purchase within the next year.