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Chinese are among the largest Nationalities Investing in Properties in Australia

March 2014, 08
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Australia Investment
It is widely known that aliens are attracted to the life style of Australia. But now, it also appears that foreigners are also highly interested in buying up residential property in Australia. 

According to the latest report from the ‘investment bank Credit Suisse’, immigrants who arrived recently have spent about $24 billion on residential property in Australia, over the last 7 years.

According to the report, property is set to become especially popular with immigrants from China and the report has highlighted figures that show that Chinese buyers are presently purchasing nearly 12% of new homes in Australia.

According to the report, it expects that the Chinese nationals will spend nearly $44 billion on Australian residential real estate during the next 7 years.

Taking into account data from the Department of Immigration and Bureau of Statistics and the Foreign Investment Review Board into account, the report has shown that the residential property investment of the Chinese is exceeding $5 billion per annum.

Sydney and Melbourne are being considered by the Chinese immigrants as the most prominent places of investment in the real estate sector. Statistics reveal that 18% and 14% of the new homes in Sydney and Melbourne respectively, are being bought by Chinese nationals.

Developers of new homes have also found that there is an increase of foreign buyers. The property (or, real estate) developer groups of Australia, namely ‘Mirvac’ and ‘Australand’ have stated that 10% to 20% of new homes are being bought by foreigners, mostly Chinese. ‘Meriton’, one of Australia’s largest residential apartment development companies, believes the percentage count to be 12% to 15%. Again, even in this case, Chinese have topped the foreign nationals involved in buying residential property in Australia.

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