Chinese property buyers “surge”

It’s comical sometimes, at News:

A surge in interest from Chinese investors has sparked renewed fears foreign buyers will drive up the price of Australian housing and leave local first home buyers out in the cold.

The Australian property sector has been battered during the coronavirus pandemic as unemployment soars, border closures limit access for buyers and social distancing saw inspections and auctions temporarily cancelled.

Despite this, data from Chinese property portal Juwai IQI showed interest in the Australian market remained strong.

In the first quarter of the year, Chinese enquiries dropped 14 per cent but this was only slight compared to the whopping 40 per cent drop from Australian buyers.

This sent tongues wagging and stoked fears Aussies would be outpriced amid problematic commentary already littered with anti-Chinese sentiment.

“China is back in business much earlier than the rest of the world,” the portal’s George Chmiel told A Current Affair.

He said Australia is a popular site for investment because the weakened dollar provides a buffer for foreign conversion while its universities, market strength and success in containing the pandemic means the economy should get a head start on the US and UK.

The -14% “surge” in interest is sure to continue the dominant trend of an outright collapse…to new highs:

The push lower…to a new peak…is understandable given Chinese and Australian borders are sealed shut, capital controls have locked capital inside China and the broader deterioration in the relationship.

Indeed, Juwai and News were heard to say that the Q1 crash…to all-time high interest…could only be bettered if an asteroid instantly vapourised 1.4bn Chinese people. An outcome they assure us is imminent.

Last chance to buy!

David Llewellyn-Smith
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Comments

    • We need AUSTRAC to do their job and actively check every foreign (China, US, UK, Canada etc) source of funds before buying assets is approved by FIRB. If its dodge, which many will be…no assets for you.

      What you would also find is that because its dodge, most of those with ill-gotten gains wont event apply for fear that data will be shared with source country.

    • https://www.visualcapitalist.com/how-many-people-die-each-day/
      Putting it all into some perspective. Granted that the deaths reported by the MSM only due to COVID-19 is inaccurate, it’s still only a fraction of mortality due to other causes.

      What’s also interesting is the daily deaths by country. For example, there are 3,526 deaths per day in Brazil, and by recent reports COVID-19 has claimed just over 16,000 lives in Brazil, measured since say 1 February (this period is hard to find).
      Source: https://coronavirus.jhu.edu/map.html

      Number of days from 1 Feb to 18 May = 107
      Mortality in this period due to other causes = 107 * 3,526 = 377,282
      Reported deaths due to COVID-19 over same period = 16,091
      Deaths due to COVID-19 relative to mortality = 4.26%

      And the rate of recovery is extraordinarily high, once you are found to have COVID-19.
      Perhaps we should pay attention to how Sweden is managing this “pandemic” and apply the same thinking here.
      https://www.bloomberg.com/news/articles/2020-04-19/sweden-says-controversial-covid-19-strategy-is-proving-effective

      • Nice work Steve.
        The screaming and yelling by people is now to cover the fact Covid19 really has just fizzled out.
        Imperial collage is a joke. Modelling is a joke. Nz lockdown was an expensive joke that they can’t back out with out unrest. Recording the death as Coronovirus and not looking at comorbities is a joke.
        People don’t die of Covid19 they die with it.
        It’s a partisan issue and it will now have massive consequences for the left and progressive agendas.
        Bring on the elections and watch them fall one by one….. pop corn at the ready.

        • Thank you.
          “People don’t die of Covid19 they die with it.” – that’s what everyone needs to understand. Not reporting on comorbidities is downright misleading and criminal.

  1. happy valleyMEMBER

    How does the change that Josh Rainbowberg, surely soon to be crowned world treasurer of the year, introduced to foreign investment policy (ie the approval threshold has now been reduced to $0) a month or so ago affect (if at all) foreigner acquisitions of Strayan real estate?

  2. poor RE Industry … completely confused
    they have to talk doom to push government to help and at the same time spruik boom to prevent collapse

    • GlendaFMEMBER

      Yeah must be hard, two different audiences and communication methods….one behind closed doors and only in the right ears, and one polished appropriately for the general stupidity, sorry public….

      • That’s why all mouths have two sides.

        Has worked very well so far, in my event.

  3. DominicMEMBER

    Hordes of wealthy Chinese — literally hordes of them.

    Get in first, folks, or get left behind.

    • Goldstandard1MEMBER

      That is just so obviously an untidy “oh my god we better say something because it’s looking bad” release.
      Target audience: suckers with a job and money (not many left!)

      • DominicMEMBER

        It’s gunna be epic – the BBQ conversation will turn to: How’s negative equity treating you?

        And: “Managed to get rid of those IPs yet?”

        Lovely.

  4. TailorTrashMEMBER

    Went past a north shore REA this morning
    6 desks occupied by agents staring into their computers
    ….no one on the phone ..silence deafening ..no throngs of Chinese crushing into the place …..hard times in RE land

    • REAs don’t know how to sell anymore.

      I couldn’t imagine a more useless person in the community – turn them into pet food.

  5. Gotta fool the dumb local money into thinking there is competition from dumb overseas money.
    Smell the desperation….