Prices have fallen by around 10 per cent since the start of the crisis in some places, with some predicting falls of up to 30 per cent as unemployment rises into the double digits for the first time in decades.
“A lot of the mainland Chinese are seeing this as an opportunity to exploit a great deal because that’s what they’re going to see in the property market in the next six months,” real estate industry adviser Robert Klaric told Nine’s A Current Affair.
“What we’ll see is the wealthy mainland Chinese will look towards Australia now to secure their wealth, and secure their health.”
He added, “They have a lifestyle here, they have freedom and they can protect their wealth from the Chinese Communist Party.”
Property prices and consumer sentiment have been affected by the COVID-19 pandemic, particularly in major cities like Melbourne and Sydney where demand is driven by overseas investment.
However some, such as investment expert Richard Sheppard, believe prices in areas like Sydney won’t go any lower.
George Chmiel from Chinese property portal Juwai said inquiries from Chinese buyers only dipped 14 per cent in the first quarter, compared with 40 per cent for local buyers.
“China is back in business much earlier than the rest of the world,” Mr Chmiel told the program.
He said Chinese demand had remained strong for a number of reasons, including Australia’s successful handling of the coronavirus crisis.
“Australia is very attractive for students, investors and retirees, and also the Australian property market is very resilient,” he said.
“Chinese buyers like Australian real estate, especially over UK and US real estate, given the COVID crisis has hit the UK and US much, much stronger.”
He added that the battered Aussie dollar was also a factor.
“The Australian dollar is down 10 per cent against some of the currencies, so that’s a nice buffer which people can include in their budgets,” he said.
Michael Pallier from Sotheby’s International Realty in Sydney’s eastern suburbs told the program there had been strong interest from Asian buyers.
“They can’t get enough of it. Clean air, clean food, great education, safe environment – it’s paradise for them,” he said.
His wife, Lulu Pallier, agreed. “There is always demand and the Chinese people will always like Australia,” she said.
- Brexit fears dampen spring property revival as asking prices fall
- More Aussies are planning a home purchase than ever before
- Luxurious Middle Dural estate listed with a price guide of $9.5m to $9.9m
- Home prices to keep surging in Sydney, Melbourne over 2017, risk of 2018 bust: SQM Research
- Melbourne price spike forces first-home buyers back to rentals
- Britain's most expensive house: Chinese property tycoon is set to break record with £210m purchase of 45-room Knightsbridge mansion overlooking Hyde Park
- Three MORE weeks' worth of rain will swamp Britain in the next 48 hours with 160 flood alerts already in place and 'major incident' declared in Cornwall
- Norlane had Geelong’s best price growth in the past decade
- Sydney light rail: Affordable property that’s ‘going to increase in value’
- Chinese investors despair as gains wiped out in tumbling stock market
- Chinese cities get creative in steadying cooling property markets
- At last! Rain bomb to bring 80mm to drought-stricken states as the number of deadly bushfires falls - but forecasts warn of flash floods and lightning
- [SOLD IN A FLASH] Hottest Neighborhoods in Falls Church
- Property review: Demand for opulent lifestyle estates in Sydney’s Hills district
- Column: An empty hospital. An exploding homeless crisis. Are you thinking what I’m thinking?
- EMERGING MARKETS-Latam markets fall; Brazil's real dips on weak data
- Hills market update: Improved sales could tempt downsizers to move
- How fast are rents rising near you? Tenants face biggest increases in three years with Bristol, Nottingham and York hit hardest
- Mortlake block with Sydney views hits the market with DA approved plans for 36 apartments
- Chris made his home stormwater smart and saved money in the process. He says you can too
Chinese buyers flooding back in to snap up Aussie property as prices fall due to COVID-19 crisis have 699 words, post on www.news.com.au at May 12, 2020. This is cached page on Talk Vietnam. If you want remove this page, please contact us.