Wealthy Chinese invest millions into Australian property
Whilst the property boom has been tipped to taper off, a recent survey has shown that over the next three years some of the richest people in China plan to invest millions of dollars into the Australian property market and build their wealth generally in overseas property.
The Hurun Report is a rich list compiler based in Shanghai and on survey calculated that around 800,000 wealthy Chinese people also plan to move to Australia and overseas in the next three years.
Whilst the USA still seems to be the more attractive destination, in Australia, Melbourne closely followed by Sydney are the highest ranking destinations for property investment and emigration. In addition to property, two aspects of high importance to the overseas investors are the Australian healthcare system and education, with many Chinese investors already having experienced either their education here or had their children educated in Australia.
A recent report showed that house prices in China have risen so quickly in the past twelve months that overseas property seems to offer good value for many. According to FIRB’s last annual report, in 2013-2014 Chinese investment of $124 billion surpassed the USA for the first time as Australia’s No. 1 foreign investor and the trend is expected to continue.
Dave Platter (a spokesman for the Chinese International property website Juwai described offshore investments as a ‘rising tide’.
Australia is not only a popular destination for Chinese investors but is a favourable destination generally for people overseas looing to build wealth in Australia as it is seen as a safe investment opportunity.