According to the AFR, Chinese property listing website AC property is showing that the most searched for Australian cities for Chinese buyers are Sydney, Brisbane, Melbourne, Gold Coast and Adelaide. In that order. The fastest growing searches are Melbourne, Perth, Mandurah, WA Launceston, Tasmania, Canberra and Adelaide. If you can see a pattern there you’re a better analyst than I.
The top three reasons for buying will surprise nobody. They are kids studying abroad, migration and investment. 42% want to spend less than $300k (good luck with that), 34% are between $300,000 to $599,000and 16% between $600,000 – $1 million with the rest above $1 million.
The AFR ascribes this interest to off-the-plan properties but I’m not sure why given AC Property sells existing dwellings as well.
As with most of the evidence around foreign buying of realty, pretty thin stuff (please forgive the picture).
