Foreign investment: Chinese Buyers Predicted to Snap Up More Aussie Properties in 2016
This year will see an unprecedented number of foreign Chinese
buyers, many China-based agents say.
CHINESE appetite for overseas property will only grow stronger in 2016, Chinese real estate agencies predict.
A poll of 150 China-based agencies revealed 149 of them believe Chinese spending on foreign real estate will jump to levels beyond what 2015 has seen, according to the latest report from an off-the-plan property sales platform.
Notably, Australia was the top international market favoured by 60 per cent of the surveyed agencies, beating out other popular countries such as the US, UK and Canada.
Australia has dominated the polls, coming out as number one
choice for foreign Chinese investors.
Devaluation of the Chinese yuan against the US dollar has reduced buying power in the USA and UK, increasing the popularity of countries like Australia.
Mr Ellis, who recently hosted a series of roadshows in Shanghai and Shenzhen in China, said demand is still very strong, particularly for off-the-plan properties.
“Our developers presented new projects in a variety of Australian and international locations, including Sydney, and all generated a lot of interest from the Chinese agents,” he said.
Only seven out of the 150 agencies think that their global property sales may be affected by tightening foreign investment policies in overseas countries, including Foreign Investment Review Board (FIRB) restrictions and Victoria’s recent stamp duty hike for offshore buyers.
Instead, most agencies think the Chinese government’s iron-fist rule on foreign currency outflows will have a greater chance of impacting sales in 2016.
But Mr Ellis was not overly hung up with this concern.
“I don’t think the new policies in certain overseas countries will hold back the Chinese investors, because their strong motivations for going abroad have not changed,” one of the survey participants Vida Lu, sales manager at another compay, said.
China took out the title of biggest foreign investor in real estate in 2015, spending $24.3 billion in Aussie property, which was more than a quarter of inbound foreign investment going in all sectors.
dailytelegraph.com.au
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