Property a greater priority for Chinese Aussies

by Miklos Bolza11 Dec 2017
Australians who were born in China are more likely to prioritise property with new research finding this demographic above average when it comes to owning a home.

Findings from the 2017 St George Home Buying Survey, which polled over 1,600 Australians in both metro and regional locations, found that 75% of Aussies born in China owned property – 10 percentage points above the national average.

The survey also found that 79% of Chinese Aussies are planning a change in their housing situation over the next five years. This was again above the national average of 59%.

Chinese born Australians now make up 3% of the total population. Of those who own property, 85% are owner-occupiers.

Reasons behind home ownership for Chinese born Australians include stability of living for their family (94%) and confidence for their family’s future (93%).

“Chinese culture is known to be family-oriented, and the research revealed Chinese born Australians consistently place a high importance around family, particularly with owning bricks and mortar – whether that was looking to their family to help buy their first home, or as a key motivator for owning one themselves,” said St George’s general manager for retail banking Ross Miller.

Chinese Australians were also more likely to rely on family to obtain the finance needed to purchase their first home.
 
  Chinese Australian average National average
Received assistance from their family 33% 19%
Received a financial gift from their family 15% 10%
Borrowed funds from a family member 21% 10%

Additionally, 62% of Chinese born Australians believed that help from their family members was essential for them to enter the property market compared to 44% of Australians overall.

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