Market Update – “Understanding the Chinese Market”
With an increase of Chinese buyers into the Australian residential property market, this group of buyers is the fastest growing buyer group and it is important that as agents, potential sellers and purchasers that we understand this new and developing market.
On a more local level with all of the talk of the proposed development of Aquis which looks promising it is important to understand the Chinese Market as they will be predominately present in our current marketplace in the next few years. Mandarin is the second most spoken language in Australia and through this statistic coupled with the increase in property purchased by Chinese buyers since 2011 it is evident that this is the way of the future.
Current legislation that is mostly unknown to consumers is that unless Chinese are buyers are an Australian resident they are not entitled to purchase property that has been previously lived in. They are however allowed to purchase brand new homes, property of the plan or vacant land as long as they begin construction within 2 years from the date of purchase. Due to this legislation Chinese buyers tend to purchase property in a relatives name who has Australian residency which is why the increase in properties purchased is continually increasing and this trend will only continue.
Increasing integration between the economies of Australia with Asia is inevitable and we have seen this integration over the past 3 years. Because of this Ray White has focused on the Chinese market in recent years and therefore Ray White is a brand that Chinese consumers are aware of.
When listing your property for sale it’s important to have an agent and the office in which they work understand the Chinese market and their culture and what they expect from a sales agent during the purchasing process.
To discuss this further or any other Real Estate matter please call me on 0418 772 315 or alternatively email me at firstname.lastname@example.org. To view all my listings please visit my website www.angelacapitanio.com.
Ray White Cairns Central