Sophie Foster
Updated 25 Sep 2023, 3:11pm
First published 25 Sep 2023, 3:09pm
Brisbane is seeing increased demand out of China, which prompted new flights to the Queensland capital this year via China Southern.
Chinese homebuyer numbers in Brisbane are expected to jump 30 per cent this year compared to 2022, as new research finds Sino buyers were not responsible for driving up prices here.
Leading Chinese property website group Juwai IQI co-founder and group managing director Daniel Ho told The Sunday-Mail the research and pandemic price hikes showed that it was not Sino-based buyers forcing prices up across Brisbane.
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Brisbane prices escalated dramatically during the pandemic when Chinese buyers were locked out by Covid-19.
This as a research paper by Song Shi and Xunpeng Shi published in the Housing Studies journal examined the impact of Chinese regulation of limitation on currency transactions on Sydney housing prices and found Chinese buyers didn’t hurt affordability in Sydney — except in a handful of suburbs with a high concentration of Chinese residents.
“The Chinese buyer research was conducted in Sydney, but it seems safe to also apply it to Brisbane because home prices surged there in 2021 and 2022 while China’s borders were closed. Very few Chinese buyers were coming to Queensland, yet prices climbed as fast as we have ever seen,” Mr Ho said.
“Most Queenslanders know that interstate migration is having a bigger impact on prices than international migration.”
Co-founder and group managing director of international real estate company Juwai IQI, Daniel Ho.
Mr Ho said “the Brisbane Chinese buyer of today is very different than the Chinese buyer of 2019, before Covid”.
“Chinese investment in high-end Brisbane real estate will climb at least 30 per cent in 2023 compared to 2022,” he said. “Before the pandemic, offshore investment buyers accounted for a larger share of Chinese purchases, but no longer. Most Chinese buyers today purchase for their own use and intend to move to Australia.”
“Many already live here as permanent residents or holders of two passports. That means Chinese buyers today look for larger apartments, townhouses, or single-family homes. They are less likely to purchase a one-bedroom or small two-bedroom inner city apartment.”
In July Juwai IQI named Australia as the most popular destination for Chinese buyers looking for property, with their presence set to surge in the next two years as high income Sino households spike by 50pc.
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Australia leapfrogged perennial favourites Thailand and the USA in the latest Juwai IQI’s report, breaking into the lead in 2022 and cementing it in the first half of this year.
“Slow Chinese economic growth and property markets encourage buyers to look overseas,” according to the Juwai IQI report. “The country is adding more households to the uppermiddle and high-income classes than any other; expect another 71 million such households — to a total of 209 million — by 2025. Chinese demand for Australian and other international real estate will also increase proportionately.”
It said “Chinese also have lots of savings to invest. In the first nine months of 2022 alone, Chinese savings deposits soared in value by RMB 26.3 trillion (US$3.6trillion/AU$5.28trillion)”.
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