TELL US … aside from the Coalition disdain shown for Climate Change … what else could be crucial for everyone?
IS it putting a shrimp on the Bar-B? Prince Andrew … the Duke and Duchess of Sussex?
HAVE you noticed where we live is changing … with new neighbours from Beijing, Hohhot, Qingdao, Shanghai …
AS more cottages are being demolished for duplex … McMansions and granny flats … Beamers and Mercs are parked in the street …
FROM Freefall to Housing Boom in 2019!
WHAT happened? In a nutshell in October 2018 prior to the May Election Scomo and Co exempted the Real Estate Gatekeepers from the Second Tranche of the Anti-Money Laundering Laws …
Then ran the fear and lies campaigns …
DID you miss this? This sleight of hand …
The Libs won the May Election …
The Real Estate Sector … Ray White included boosted their ranks with Chinese ‘Specialists’ in 2019 …
Like Victor Sheu now an Associate Director, a bilingual commercial specialist, a conduit between Western Sydney and the Asian market, introducing HNW investors and developers to local opportunities
THAT seems to explain why residents are finding flyers in their letterboxes
like this! Highlighting a dedicated China Desk, and listings on Juwai.com
AND have you seen FOR SALE signs with Chinese Real Estate Agents?
Fancy cars, luxury brands and multimillion-dollar property: agents ready for Chinese New Year
By Samantha Hutchinson
Sydney’s luxury property agents are bringing forward listings and spending up on fancy cars to impress international clients on the eve of Chinese New Year.
The Chinese New Year is an annual high point in the local sales calendar but has lost steam since mid-2016 as a result of tighter restrictions on foreign ownership.
CAAN: Can you believe it? What happened was CHINA imposed capital controls to stop money leaving China at that time …
How can small percentage fees imposed by Australian State Governments … increasing by a mere 1 or 2% …. have any impact on people of High Net Worth? Seriously?
SH: Juwai, China’s largest property portal, registered an uptick of interest in Australian property in early 2019, with inquiries increasing 40 per cent. Last year, Chinese buyers made 60 per cent more inquiries for Australian property on the platform in the five weeks after the holiday than they did on average during the whole year.
“2019 was the year in which Chinese demand finally started to recover, after falling since 2016 to very low levels … we expect 2020 to see further improvement.”
In preparation, Sotheby’s Australia boss Michael Pallier has picked up a new Rolls-Royce Ghost ahead of a busy week of high-end showings, as 10 clients from mainland China arrive.
Other agents, including Black Diamondz boss Monika Tu, are entertaining with events organised through the likes of BMW and other luxury brands, who are keen to kit buyers out once they purchase their house.
Waterfront property in the eastern suburbs at Point Piper and Bellevue Hill, and larger compounds across the upper north shore at Turramurra, Warrawee and Wahroonga are among the listings.
For Mr Pallier, the Chinese New Year is one of two annual spikes from offshore buyers, including a “golden week” holiday toward the end of the year. He says activity isn’t back to where it was in late 2015 when he drove clients around in a Bentley coupe and expected to turn over more than $100 million in property in a two-week period. This year, he expects to turn over about $30 million.
“The pool of buyers isn’t as large as it was before, but they’re still there and they are more likely to make repeat transactions,” he said.
Most of Mr Pallier’s clients are chasing good schools. Other agents say protests in Hong Kong are driving significant investor visa holders to take the plunge and buy up in Australia.
Chinese buyers who were affected by Xi Jinping’s effort to tighten capital outflows from China from 2016 onwards are also back in the market, after securing other sources of cash to complete transactions, or visas, such as the significant investor visa, ahead of time.
CAAN: China eased its capital controls in 2019 hence the return to investing in our Real Estate.
SH:
“I don’t believe that Chinese demand has ever dropped away; it’s simply that it became increasingly difficult for them to organise their funds,” Christie’s International agent Darren Curtis said.
He said the rebound in interest is most noticeable among buyers looking at properties priced from $5 million to $15 million, who were worst impacted when capital controls first took hold.
Agents are united in the belief that demand isn’t quite back to where it was.
“The Chinese [high net worth investors] … are often a bit more cautious than what we’ve seen back in 2014-2016,” Ray White director Victor Sheu.
“Chinese New Year will increase inquiry activity but not actual transactions until a later date.”
Samantha Hutchinson
Samantha is the The Age’s CBD columnist. She recently covered Victorian and NSW politics and business for News Corp, and previously worked for the Australian Financial Review.
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