Tapping Into Melbourne’s Chinese Investor Interest
November 10, 2014 Beaumaris Office News
In Property Observer this week, Frank Ruffo Director of Hodges Bentleigh, discusses the increasing number of overseas property investors purchasing in Melbourne, particularly the Chinese investor.
Last year, Chinese investors spent nearly $6 billion on Australian real estate and Credit Suisse predicts that they will spend around $44 billion on Australian residential real estate over the next seven years.
Helping to attract wealthy Chinese to Australian shores is the Australian government’s new visa system – the significant investor visa. Over 90% of the people who have successfully applied for this visa are Chinese.
Frank Ruffo says “Chinese buyers heading to Australian shores value the cost of our properties (Australia is still relatively cheap compared to a lot of cities around the world), our good education system, quality of life, public security and clean air. Ultimately, getting the best price for a property is about maximising the number of interested buyers, so therefore given we know what we do about the Chinese investor; it would be negligent not to include them as an important stakeholder group.”
Read the full article here.