Experts forecast real estate demand to surge by 40 percent compared to 2020
Australian agents and developers are proposing a range of services, including free immigration, cash backs, and access to concierges to tempt Chinese homebuyers this Chinese New Year, reported realestate.com.au.
Typically, Chinese New Year is one of the peak seasons where Chinese buyers visit Australia to seek after their dream home.
In the face of the pandemic and Australia’s closed borders, experts still anticipate overseas inquiries to increase by 40 percent compared to last year.
Georg Chmiel, co-founder and executive chairman at Juwai IQI Group, said that Chinese home hunters were expecting to splurge during the New Year, as Chinese officials encourage families to stay home due to a spike in COVID-19 cases.
“Many Chinese with unexpected bank account surpluses are telling us they have decided to invest in real estate rather than fritter away the money,” Chmiel said. “That’s why home prices in major Chinese cities are climbing and one reason we forecast is higher demand in Australia.”
With this potential demand, many Australian developers and agencies are creating incentives to woo Chinese buyers.
Kay & Burton, a Melbourne real estate chain, are offering access to personalised concierge services to overseas Chinese buyers who make inquiries in the next month.
Jamie Mi, Kay & Burton head of international, said, “For most of our overseas buyers at the moment, while the actual decision-makers are overseas, family members are here already.”
“We know our personalised concierge service serves an acute need for these families, many of whom have not yet settled into a permanent home here,” Mi added.
Monika Tu, director at Black Diamondz, which specialises in selling properties to Chinese buyers, said she expects this time to be a busy period for Chinese Australians, adding that her clients are often attracted to Hunters Hill, Mosman, eastern suburbs, and upper north shore in Sydney.
“Anything with water views or a large backyard with a tennis court is always high in demand,” she said.
Tu plans to lure buyers over the Lunar New Year with a chain of exclusive events designed to embrace Australian culture.
She mentioned, “Before, you would send a car to pick them up and take them to Yum Cha, but they don’t want that anymore. Today, it is about showcasing the best of Australia as they want to learn about the culture here.”
Property developer DealCorp is proposing overseas student consultancies with La Trobe University advisors to clients who secure an apartment at its Polaris development.
Such incentives aren’t exclusive to Australia. Many developers throughout Asia are also hoping to lure Chinese buyers with their offerings, including a Bangkok developer that is offering USD45,000 in discounts to their Chinese clients.
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