In April, The SMH reported that “cashed-up Chinese buyers have re-entered Sydney’s property market with gusto”.
Peter Li, co-founder of Sydney-based Plus Agency, said recent housing developments across Chatswood in Sydney had sold to Chinese buyers.
“All the apartments that were still available after completion were sold to Chinese buyers”, Li said, adding that half paid with cash.
McGrath’s managing director and CEO, John McGrath, also said that demand from Chinese buyers is rising across all price points.
“We have seen a strong bounce-back, especially in the last three to four months”, McGrath said.
“A lot of people are wanting to park their currency in Australian dollars and in a safe and stable political environment”.
Meanwhile, Monika Tu, founder and director of Black Diamondz Group, which markets high-end Sydney property to Chinese buyers, told The AFR that “rising interest rates are not a problem, not for international buyers from China”.
A new report from real estate firm Juwai IQI, summarised by Bloomberg, claims that 712,000 people from China will migrate to the US, Canada and Australia from 2023 to 2025.
Juwai IQI has found that Australia was the top overseas destination for Chinese property seekers in the first half of 2023, based on the number of buyer inquiries it received on its platform.
The increased Chinese buyer activity helps to explain why Sydney home values are rising so rapidly in the face of ongoing rate hikes:
Given the low number of listings and scarcity of available homes, growing demand from Chinese buyers is having a larger-than-usual impact on prices.
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