Discussion in 'Where to Buy' started by big max, 21st Apr, 2016.
Offshore buyers ditching Victoria, NSW in favour of Queensland
Costo is approved for Loganholme, they are targeting the area now I heard.............. Also there is a Marina on the river approved.
Why does Australia attract wealthy Chinese, whereas in general Chinese immigrants to other countries are not rich and run bars, restaurants, corner stores, hairdressers and dollar shops. Is it because Australia has weak regulation on corrupt money and tax evasion while other countries are cracking down hard on it ? Or something else ?
Because Australia offers a better lifestyle and can only be reached by wealthy or unless you are on a boat
A bit of many reasons, includinh thw above where we welcome foreign funds with potentially less oversight. There was a documentary on this a while back.
Oz is considered a safe place to park your investment dollars I believe.
And these "Chinese" and "Asian" buyers not residents predominately buy new don't they, or they have to?
These blankety statements about Asians buying would really **** me off if I was Asian inspecting property and having a go being labelled and stereotyped etc. overseas investors bring money here as long as the gov is onto it, let them buy up and boost our economy
For many on the forum , it's been " getting in ahead of the money ...."
Yea for sure, we didn't have overseas migration we would be in a recession. Australians don't make enough babies to keep growth going.
This is probably true. .same for overseas money, especially when commodity prices are low.
a lot of asians are buying OTP as well, shall we follow them
Yes. You should follow. But by freehold buying land with development potential in areas where otp apartments are being developed.
would not trust the article - remember reading one where they said there were 60 bidders in one auction (hardly think so)
Asians (esp chinese - irrespective of origin) value top universities, top schools, easy access to asian food (big one) and safe places to buy. i got lotso friends who are property agents in vic -If you get a china buyer (who has say 500-800K cash to spend) say who landed in victoria, he won't want to go to frankston or dandenong for e.g. but rather only go to areas which are predominantly asian demographic or has similar restaurants to his liking. If he has kids - he wants only balwyn, mckinnon or glen waverley and if it means he has to buy a run downed unit for 800-900K he would do that rather than buying in another suburb. Koreans are even worst (they only want areas where they can buy their own food spices and has higher demographic of their race)
i think it is not bad to follow the suburb or surrounding suburbs where they buy not the type of property.
yeah i would agree. Seeing that in brisbane as well..eg dont see many chinese in un-traditionally chinese suburbs ..and the trend of chinese buying in a relatively new market (brisbanein general compared to well known and establishjed mel/syd for chinese buyers) is you guessed it - traditionally chinese areas...irrespective of property type and id dare say irrespective if there are better CG deals/fundamentals in other suburbs.
Would agree with that. Its hard to believe a wealthy asian would ditch Sydney and Melbourne to buy in Queensland. I thought they wanted to park the money in a safer asset. Its people like us who chase better yields and CG to make money
I would partly agree, but partly not.
There are more asians and chinese buyinh in QLD- quite a few research publications have done research on this.- some are posted on various threads on this forum. Its feasible to think there will be slower chinese RE money growth in syd/gw etc - its already on a high base and those respective markets have peaked, whereas bne is growing- some will follow the opportunity at the cost of another. In addition, a wise brisbane politician ( bit of an oxymoron i know) once figured out a few years ago in brisbane that they have to advertise/market RE better to asians in general ( like sydney/mel does)- and those activities are starting to bear fruit. Chinese in particular are realising there is more to aust than sydney and glen waverley.
Plus, id also suspect that the amopunt of discretionary funds from china are less ( their share market, property etc have all suffered a bit, as well their own economic growth is not what it used to be)...its feasible to assume that they wiould be a bit more careful with large foreign purchases.
I think sydney and mel saw the best of it a few years back and wont be repeated for decades- not to that level. they won the lottery on that. Good on them. The rest of us plebs have to work for our money
I don't believe a wealthy asian leaving his country with a bag full of cash to buy in a foreign land is looking to make peanuts in Brisbane RE. He will buy into a safer Syd/mel asian hub with good schools and be contented. He has a lot of other ways to make money. All he needs to do is to not lose his money to accumulate more wealth
Capital presevation is a big driver for asian $ agreed. Correct they generally do have other ways to make money (however it may be i wont judge -as lonh as we are the recipients of it )
Certainly in the past you are correct -safety and content even with otp-as long as its out of the local tax jurisdiction and into a safe place.
Brisbane is not though delivering peanuts. The last 3 years have shown that. Im not sure i agree fully in thar thet will continue to focus solely on syd and gw at the expense of wverything else. Surely there are numbers that show this..what id like to see is the $ value of the pie of foreign money - increasing/decreasing or y he same and tthe share of wallet for each v ity in that pie.
For bne i think it's more about friends relatives of those Asians who are already here
Asians are also buying in Adelaide. Melrose, St Mary's. Felixstow, Campbelltown, Rostrevor. With prices going up they are also getting pushed back a suburb or two - Newton Athelstone and Paradise (although not as much).
I have been to numerous houses where they have been 20-30 (total) asians at the inspection and I have been the only Caucasian.... I have even seen it where home brochures are in chinese
Its interesting how frankston has been a bit of a dump in terms of reputation with frankston secondarys reputation being nothing specutacular at all
Yet frankston secondary it seems to be the buzz school for the asians!
I simply dont get their thinking
Separate names with a comma.