The latest research from Juwai IQI showed that Australia is now the top destination for Chinese home buyers, followed by Canada, the United Kingdom and the United States.
According to co-founder and group managing director Daniel Ho, Chinese buyers have emerged from three years of border closures with a lot of catching up to do.
“Education and quality of life for full-time residency is what makes Australia and the other top countries so desirable”, Ho said.
The SMH also recently reported that “cashed-up Chinese buyers have re-entered Sydney’s property market with gusto”.
With Australia experiencing an unprecedented rental crisis on the back of unprecedented immigration flows, some Chinese students with cashed-up parents are now purchasing Australian homes to escape the rental market.
Source: Shane Oliver (chief economist at AMP)
“We sell five to six properties per month to Chinese overseas buyers on average since (China borders) reopened this year”, Victor Wu, managing director of a Melbourne-based real estate investment company said.
“The enthusiasm of Chinese buyers to invest in the Australian housing market is undiminished”.
Tina Teng, a 23-year-old Chinese international student, is one of them.
She moved into a two-bedroom, two-bathroom apartment in South Melbourne in September, which her parents purchased for her for more than $900,000.
She was previously renting a one-bedroom, one-bathroom flat in Melbourne’s inner city suburb of Southbank for $2,760 per month.
Teng told SBS Chinese that she began considering home ownership after her landlord requested a “unacceptable” rent rise.
“I thought I might as well buy my own place”, she said.
It is hard to believe that temporary migrants – who are supposed to only be in Australia on a temporary basis – are permitted to purchase housing in Australia. You can thank the former Rudd Labor Government for changing the rules to allow that.
The overall problem, however, is that the current Albanese Government is running immigration way too high (driven by international students), which has caused a dire shortage of homes to rent or buy:
The Albanese Government has effectively engineered the housing hunger games in Australia.
