Chinese buyers to return to Australia as border opens – realestate … – realestate.com.au

Scott Carbines, Property Journalist
Updated 5 Jan 2023, 12:01pm
First published 5 Jan 2023, 11:08am
Melbourne is a perennial favourite for Chinese migration. Picture: Ian Currie
Chinese property investment is tipped to lift again as China opens its borders for the first time this week, allowing its citizens to travel overseas.
And Australia is top of the international buying wishlist for Chinese buyers, according to leading Chinese property website group Juwai IQI, followed by the United States and Canada.
Juwai IQI chief executive Kashif Ansari said travellers’ priorities included visiting family and friends, studying abroad, business, tourism, and property investment.
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“This will be the first opportunity in three years for most Chinese to visit overseas real estate markets,” he said.
“We expect Chinese outbound travel and accompanying property investment to increase rapidly in January from its current very low level.”
Mr Ansari said outbound travel from China might reach 2019 levels by mid-2024.
It comes as the Foreign Investment Review Board’s first quarterly report in December showed Mainland China and Hong Kong together accounted for five times more money approved for investment in Australian houses and apartments as the next-highest country, Vietnam.
Melbourne, Sydney, Brisbane, Perth and the Gold Coast were the top five cities for Chinese buyers, according to Juwai’s data.
Biggin & Scott Glen Waverley agent Julie Karl said she had set the auction of an Oakleigh property for March in anticipation of the return of Chinese interest and students.
“Anything around Monash Uni is an investment hub,” she said.
“The confidence of buyers will be there if they know students are coming back and they can buy at good prices and rent it out to students.”
Ray White Balwyn director Helen Yan said she would expect most travellers would wait until Chinese New Year on January 22.
“I have received a few WeChat (messages) saying they are going to Australia soon, booking a ticket, inquiring about property size and location,” she said.
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