Chinese nationals remain the most prominent investors in the Australian residential market, and it’s now the number one place they park their money, it’s been revealed.
According to the Australian Treasury’s foreign investment report for the December 2022 quarter, in the three months to December, $20.7 billion was invested in the real estate sector, with an overwhelming majority ($19.3 million) entering the commercial market, compared to $1.4 billion funnelled into residential real estate.
So strong is the Chinese interest in Australian property right now that Daniel Ho, co-founder and group managing director at Juwai IQI, revealed it’s “the first time ever” that “Australia is the most popular country for Chinese home buyers.”
Despite a declining rate of investment between the September and December quarters last year, Mr Ho outlined that Chinese buyer inquiries for Australian real estate jumped 24 per cent when compared to the final month of 2022 “due to the announcement that borders would be reopening.”
Read more here: Real Estate Business AU
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