Chinese buyers’ preference for Australian residential properties has increased for the first time in two consecutive quarters since 2016, and Melbourne remains the most popular Australian city for Chinese buyers to invest.
Due to the upward adjustment of buyer tax and bank tightening, Chinese buyers have lost interest in Australian property, but according to the latest report, Australia’s buyer tax has been offset by the devaluation of the Australian dollar, the report said that since the mid-2018, Its exchange rate against the renminbi has fallen by 11%.
According to relevant experts, she expects China’s purchases to remain stable in 2019, and the recovery of the Australian real estate market is expected to grow again. “Chinese buyers are 83% more likely to buy Melbourne properties than Sydney.” The Melbourne housing market has a 43.8% welcome to Chinese buyers.
Australian dollar weakens buyer interest
Despite the country’s stricter taxation on foreign buyers, Australia’s devaluation of the Australian dollar means that the cost of buying real estate now is lower. “Since July 2018, the exchange rate of the RMB against the US dollar has fallen by 11.1%, which is 11% lower than the highest foreign buyer tax rate in New South Wales and Victoria.” Experts said, “Most Chinese buyers The demand is mainly due to wealth growth, and it is hoped that assets will be stored “safely” overseas, education, tourism, business relations, immigration and high net worth immigration, as well as the environment and lifestyle. “83% of Chinese consumers believe that education is their immigration. The reason, 69% think it is an environmental problem, 57% think it is food safety, and 28% think it is asset security. ”
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