In spite of the changes pushed in regards to taxes and lending restrictions for foreign investors last year, the Land Down Under is unstoppable when it comes to attracting them to invest and continue to invest in the country. According to Mansion Global, there have been a lot of international investors for this year, and factors that do so is Australia’s lifestyle and the country’s economic safety.
Latest sales records show the increase of investors gaining interest in the country following Chinese New Year. Agents said this is a positive sign that potential international property buyers are showing interest in the Land Down Under.
For further proof, Mansion Global mentioned websites that also prove these claims. First is Chinese property website Juwai.com, which said that Australia is next to the United States in terms of offshore investment destination for Chinese buyers. On the other hand, searches on the residential website realestate.com.au revealed Melbourne to be their favourite city.
According to Jamie Mi, head of the international division for Melbourne real estate agency Kay & Burton, the prospective international buyers did their search while on holiday week with their families due to Chinese New Year. She said that it was a busy time for these property buyers looked for homes with high-end finishes that are near private schools and universities, and within prestigious historic suburbs.
“The influx of older [established] families is uncountable,” she said. “In the last five years they were looking at the top end, but weren’t ready to buy,” Ms Mi said.
But “this year most of them are ready to buy and are very seriously looking,” she added.
Meanwhile, REA chief economist Nerida Conisbee said international home buyers are attracted to the dream of Australian home ownership, while Investorist, an off-the-plan property website, said the motivation for buying has changed.
According to the Investorist’s China 2017 International Property Outlook report, the number one reason before was asset protection and wealth creation, but now it’s a different story.
“This year, it’s more child education, lifestyle and potential migration has now bubbled to the top as the key motivator,” Investorist’s chief executive Jon Ellis said.
With this surge in property buyers that favour Melbourne over others, business brokers victoria will now have to pay attention to properties that are located in suburbs near schools and universities. Homebuyers are now family-centric, meaning they focus more on where their kids will grow up instead of asset protection and wealth creation.