So say the spruikers at Daily Mail:
Juwai IQI co-founder Daniel Ho believes Australia is the most popular country for Chinese homebuyers.
‘In January, Chinese buyer inquiries for Australian real estate surged by 24 per cent compared to December, due to the announcement that borders would be reopening,’ he said.
…’In 2022 and so far this year, Australia is the most popular country for Chinese homebuyers, for the first time ever. That’s according to Juwai IQI Chinese buyer enquiries.
…Meanwhile, an executive at an agency based in Shanghai and Chatswood, in North Sydney, revealed that Chinese interest in Australian property is surging this year.
‘We have five times more Chinese buyers than before, and they want to buy quickly. The pandemic-related uncertainty is past, the closed borders are open, rents are hot, and these buyers are fed up with three years of lockdown,’ Fiona Yang said.
I trust these people as far as I could throw them but it does coincide with the reopening of borders and surge in students so may be right.
It could also account for stabilising prices despite crashing mortgage volumes.
But, there is no hard evidence for it. The only survey that tracks it is the NAB property quarterly which surveys the realty industry. It is only up to date until Q4, ’22 so does not pick up the Chinese reopening but was flat before that:
More importantly, the boom of 2012-17 was never ended by Australia. It was ended by Beijing, which closed the capital account for all but the richest Chinese.
That has not changed.
So, we may be seeing an uptick with pent-up demand following the Chinese reopening but I am skeptical of its strength and duration.
Let’s hope so because the Canberra scum would like nothing more than to drive up prices via Chinese buyers even as we prepare for war with that country.
