According to Juwai IQI research, Chinese property buyers with $5.3 trillion in savings have set their sights on Australia.
Australia has surpassed Canada as the top destination for Chinese property buyers seeking education and migration prospects in Australia, according to Juwai.
Juwai IQI co-founder and group managing director Daniel Ho told The Australian that Chinese buyers have emerged from three years of border lockdowns and have lots of catching up to do.
“Whether their plans were to retire, study or just invest in Australia, they haven’t been able to do it for nearly three years”.
“Education and quality of life for full-time residency is what makes Australia and the other top countries so desirable”, Ho said.
Chinese interest in Australian property is spurred by the prospect of relocating to Australia, which is expected to receive approximately 1 million new migrants by 2025, including 70,000 from China.
“They are buying here because they intend to live here. They are looking at houses and townhouses and larger apartments”, Ho said.
The below graphic from 9News tells the tale. Chinese are buying twice as much Australian property as they did last year. NSW (Sydney) and Victoria (Melbourne) are the most popular destinations, accounting for 30% of purchases respectively:
Recently, The SMH also reported that “cashed-up Chinese buyers have re-entered Sydney’s property market with gusto”.
The Chinese government this week announced Australia will return to its list of approved group travel destinations.
China was Australia’s biggest inbound tourist market in 2019, with $2.1 billion spent by 1.4 million tourists, including up to $581 million spent by groups.
“Chinese travellers have been returning to Australia in growing numbers since the start of the year and the return of the group travel segment will provide another important boost”, said Tourism Australia’s managing director, Phillipa Harrison.
You can bet your bottom dollar that Australian property will be high on their shopping lists.
