{"id":32117,"date":"2023-02-08T16:16:29","date_gmt":"2023-02-08T09:16:29","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=32117"},"modified":"2023-02-23T12:10:56","modified_gmt":"2023-02-23T05:10:56","slug":"australia-is-back-in-business-with-asian-investors","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/australia-is-back-in-business-with-asian-investors\/","title":{"rendered":"Australia is back in business with Asian investors"},"content":{"rendered":"
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As Australia lets down its guard post-pandemic, the delicate dance between maintaining economic ascendancy and managing foreign ownership restarts<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Australia\u2019s economy wields a certain cross-border appeal to Asia. pisaphotography\/Shutterstock<\/figcaption><\/figure>\n

Apissara Chairattanamanokorn, 24, came to Australia more than a decade ago for studies. But like scores of Asians before her, she has since opted to stay.<\/p>\n

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Real estate, among others, was a pull factor. \u201cWhen I graduated from university, the property market was experiencing a boom period,\u201d says the Royal Melbourne Institute of Technology (RMIT) University alumna. \u201cProperty growth was great, and it drew my attention into investing in properties.\u201d<\/p>\n

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Asian property seekers return this year to a country which only months ago cast itself as \u201cFortress Australia\u201d against a global contagion. International migration is making a resurgence, stabilising the Australian residential market just as it enters a correction period.<\/p>\n

Offshore searches for homes to buy or rent on realestate.com.au, a REA Group portal, rose 23 percent in the year to June. Searches by mainland Chinese soared almost 432 percent year-on-year, followed by those from India (up 196.7 percent), Hong Kong (100.4 percent), and Singapore (35 percent). The rising demand is consistent with the flurry of arrivals, including 29,480 international students in June, since borders fully reopened in February.<\/p>\n

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Close enough to Asia but also far enough away culturally, Australia offers neighbours the geographical equivalent of white adjacency. Othered by poverty, inequality and autocracy in their home countries, many Asians find sanctuary in an outwardly privileged society where Mandarin is the largest language spoken after English and over 710,000 Indian-born people live. More than half of the Australian populace now are born overseas or have immigrant parents: the first migrant-majority western nation.<\/p>\n

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Geographically close to Asia, but with different cultural values, Australia has traditionally been seen as a sanctuary for Asian investors. EAGiven\/Shutterstock<\/figcaption><\/figure>\n

Since formally ending its infamous White Australia policies in 1970s, the nation has learned to navigate race relations more deftly than some other western countries. \u201cIf you see the crazy news from America, that stopped a lot of wealthy Chinese, especially in recent years, from going there,\u201d says Benson Zhou, director for Melbourne CBD and metropolitan sales at Savills.<\/p>\n

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Australia\u2019s economy wields a certain cross-border appeal to Asia. The country recorded in June an unemployment rate of 3.5 percent, the lowest since 1974, helping downplay talks of stagflation that dogged western countries after the Ukraine invasion.<\/p>\n

But the current inflation rate, which at 6.1 percent is the highest in the country since 1990, worried the Reserve Bank of Australia (RBA) enough to hike the interest rate for four consecutive months into August. They mark Australia\u2019s first interest rate hikes since 2010.<\/p>\n

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During the pandemic, we saw Australia emerging as a haven market where residential property prices have continued to grow. This has given confidence to Asian buyers who are looking for a second home especially when children\u2019s education is concerned<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/blockquote>\n

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As mortgagers began souring on the market, Australian house prices fell by 0.43 percent in July, with prices in Sydney and Melbourne down more than three percent from their peak, according to PropTrack, a REA Group company. The decline in home prices will likely persist into 2023, with the RBA unleashing more hikes this year alone, analysts say.<\/p>\n

On the flipside, property prices in Australia soared 20 percent on average last year on the back of lockdown-era interest rates, reports property advisor Charter Keck Cramer. \u201cEssentially, Australia just doesn\u2019t have enough homes to sell to keep up with our rising population and demand,\u201d says Ivan Lam, the firm\u2019s head of international business. \u201cThis year, values are still broadly rising but nowhere near as fast as they were in early 2021.\u201d<\/p>\n

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Mainstream home prices in Melbourne grew by 9.1 percent in the first half of 2022. f11photo\/Shutterstock<\/figcaption><\/figure>\n

Knight Frank noted that mainstream home prices in Sydney and Melbourne still grew by 16.1 percent and 9.1 percent year-on-year, respectively, in the first half of 2022. \u201cDuring the pandemic, we saw Australia emerging as a safe haven market where residential property prices have continued to grow,\u201d says Christine Li, head of research and consultancy at Knight Frank APAC. \u201cThis has given confidence to Asian buyers who are looking for a second home especially when children\u2019s education is concerned.\u201d<\/p>\n

As Australia\u2019s third-largest export, education buttresses the economy. Traditions now resume: Well-off parent buys apartment for child, child graduates and returns to home country, and apartment becomes investment property. Or apartment becomes starter home, the graduate working toward Australian citizenship or permanent residency.<\/p>\n

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Pathways to both are manifold. The 188C visa, for example, offers a five-year stay for an investment of AUD5 million (USD3.4 million), according to research from Charter Keck Cramer. This includes, to an extent, indirect investment in residential property through managed funds.<\/p>\n

Apissara, who continued her studies at the Whitehouse Institute of Design, found that rental returns can go as high as eight percent a year for lucky investors. Borrowers may also access equity built in the home by cash-out refinancing. \u201cTo own an Australian property is an asset to foreigners,\u201d she says. \u201cIt would be very useful if they are thinking of migrating to Australia.”<\/p>\n

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Gains for those who have been naturalised or obtained residency are especially rewarding since they can purchase freehold landed homes and secondhand apartments, as per current Foreign Investment Review Board (FIRB) rules. Offshore buyers such as students\u2019 parents are generally only allowed purchase of off-plan or new apartments.<\/p>\n

In Melbourne and Sydney, the compounding rate of capital growth for landed homes is about five percent per annum, excluding rental returns, reports Lam. \u201cResidential real estate in Australia is more of a long-term, stable-growth asset class in general. Capital growth is associated with land, and the residential category that therefore experiences strongest capital growth over time are established houses, followed by townhouses and apartments.\u201d<\/p>\n<\/div>\n

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Byron Bay in northern New South Wales is evolving into a hotspot for ultra-wealthy home seekers. CamilaSe\/Shutterstock<\/figcaption><\/figure>\n

But with open borders comes more gatekeeping of Australian real estate. Following a dramatic reduction of monetary thresholds on land acquisitions in 2020, FIRB in July doubled fees on foreign investment applications to anywhere from AUD4,000 to AUD1.045 million.<\/p>\n

\u201cThe cost of buying has definitely increased. It\u2019s not that friendly to foreign investors,\u201d says Zhou. \u201cThat\u2019s not going to help the current property developers because it\u2019s all about the margin.\u201d<\/p>\n<\/div>\n

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Like their counterparts in Canada and New Zealand, Asians in Australia are\u2014sometimes unfairly\u2014linked to eroding housing affordability. Foreign buyers account for 5.9 percent of new home sales, according to recent National Australia Bank figures.<\/p>\n

\u201cYou have to draw the line,\u201d says Zhou, who has lived in Australia for over two decades. \u201cOtherwise, our housing price is going to go up to the roof.\u201d<\/p>\n

But with Asia delivering over 50 percent of the global GDP by 2030, Australia will always be tethered to its neighbours.<\/p>\n

Having lived in Australia almost half her life, Apissara has come to understand the inextricable ties binding the continents she has called home. \u201cReal estate is an important part of the economy,\u201d she says. \u201cAustralia needs this sort of foreign investment to boost the economy.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

This article was originally published on\u00a0asiarealestatesummit.com<\/a>. Write to our editors at\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As Australia lets down its guard post-pandemic, the delicate dance between maintaining economic ascendancy and managing foreign ownership restarts<\/p>\n","protected":false},"author":9,"featured_media":32120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[97,92],"tags":[3262,149,668],"class_list":["post-32117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazine","category-news","tag-asian","tag-australia","tag-investment","news_country-australia","news_author-al-gerard-de-la-cruz"],"acf":[],"yoast_head":"\nAustralia is back in business with Asian investors | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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