Australia is experiencing an unprecedented surge in foreign property investments, particularly from mainland China, Hong Kong, Taiwan, and Vietnam. Inquiries have risen by 400%, with Chinese buyers leading the trend. Government approvals have increased by 40%, especially in major cities like Sydney and Melbourne. Median house prices attracting Chinese investors have risen by over 25% since 2019. This surge aligns with China's post-COVID economic resurgence and increased migration, with Australian net overseas migration reaching a record 500,000 people. Chinese buyers are now inclined toward family homes, indicating a shift in their investment approach.
In the wake of record migration and China's post-pandemic economic resurgence, Australia has witnessed an unprecedented surge in foreign investments in its property market. International agents are reporting an astounding 400% increase in inquiries, driven primarily by buyers from mainland China, Hong Kong, Taiwan, and Vietnam.
Recent data from the Australian Treasury indicates a substantial influx of overseas buyers into major cities such as Sydney, Melbourne, and Brisbane. Government approvals have surged by 40% in the past quarter compared to the previous year, with Chinese buyers leading the wave. Median house prices that attract interest from Chinese investors are now more than 25% higher than those in 2019.
NAB's residential property survey corroborates this trend, highlighting a continuous increase in foreign buyers' share of total market sales, reaching a 5½-year high. Real estate professionals have observed a growing interest from foreign buyers, particularly in established housing markets.
Data from the popular real estate platform Juwai IQI Group further illustrates Chinese buyers' interest in high-end properties. Inquiries were focused on properties with median prices over 25% higher than in 2019, with the median inquiry price reaching about $773,000, a significant increase from the 2019 level of $607,000.
This surge in foreign investment aligns with China's accelerated post-COVID reopening and an increase in Australia's annual net overseas migration numbers, reaching a record 500,000 people. Chinese buyers are moving capital out of the country and investing in properties abroad, with Australia being a preferred destination due to its stable market and attractive opportunities.
This trend is not limited to Australia alone; Chinese buyers are also acquiring luxury apartments overseas, with Singapore witnessing a significant uptick in purchases by mainland Chinese buyers. This global phenomenon underscores the enduring appeal of overseas real estate investments for Chinese buyers, marking a significant evolution in their investment strategies.
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