Ascot joins the list of the exclusive suburbs that draw wealthy Chinese home buyers into Brisbane, a Chinese international real estate website’s research says.
Data from Juwai.com’s research showed that property investors from China are willing to spend for a much-coveted property in Brisbane. For the first half of 2018, Chinese investors showed great interest in exclusive Brisbane suburbs: Kangaroo Point, Newstead, Sunnybank, West End, Indooroopilly, Ascot, Sunnybank Hills, and St Lucia.
Foreign investment rules are raising interests of these offshore buyers particularly in suburbs where new developments are underway. Chinese buyers are pleasantly surprised to find out that they can purchase a house in Brisbane for half the price of an inner-city apartment in Shanghai or Beijing.
Chinese buyers put a premium on new developments in a suburb, quality education, and convenience. This makes Brisbane very attractive to Chinese home buyers because of the easy lifestyle, the water views, and quality English language educational institutions, the report said.
Amongst Chinese home buyers, Brisbane is the third most popular Australian city, next to Melbourne and Sydney. Demand for Australian property increased by 10.1 percent in the first quarter of 2018 and 4.4 percent in the second quarter. Considering the current state of the property market in China, Brisbane is regarded by Chinese property buyers as a safer place to invest.
Also, in 2017, “Chinese property buyers and investors remain interested in overseas real estate and have even caused exceptional investment growth in certain countries,” according to Juwai Chinese Global Property Investment Report 2018. Even though, Chinese property investments in Australia—which stood at US$17.4 billion—fell in 2017, it still larger compared to any other foreign nation.
Continued growth of personal wealth in China has benefited U.S., Australia, Hong Kong SAR, and Malaysian residential markets.
