Follow the money - where are Asians now buying?

i saw now in sydney foreign buyers need to have identity checks (so really any Australian asian dude could get picked up for a check) based on his name etc

Buyers, sellers to prove residency status

 

There was a member Jen who posted only about cairns and its recovery plus plus plus.
You seem to be the gold coast version of this forum..

I am all for learning about other regions etc but when the person presenting the information is totally biased and one sided on the matter/location it makes it very difficult for:
1. Uneducated members to make rational decisions
2. Present opposing views to that member as they shut everyone down as soon as they are questioned or relevant arguments are put to them.

 

+1 for what @Greyghost said. It's OK to prop-up a particular area. Plenty of great examples on this forum about how to do that in a neutral (as much as possible) way.

These gold coast threads are borderline spruiking. Not saying that these are false claims but the way they are presented can potentially mislead people into thinking it is a "sure thing". It most certainly isn't.

 

Thanks for your valuable contribution. For a Gen-Y you don't seem to have grown much.

 

I believe they have to prove residency/citizenship status - Everyone has to do it - nothing to do with profiling based on names really.

 

the only place that needs serious spruiking is davoren park. A bunch of us tried recently, but i think we failed. If anyone can convince even a dollar of investment money to end up there, consider yourself a genius

 

or a conman

 

totally agree +1 on that too - they need a better university in GC than bond and some maticulation programs to be able to attract some serious buyers. I see ppl reading these domain articles thinking "it's a sure thing" too, i still remember the article on ringwood north where a single bidder outbid 60 other bidders to purchase it for 930K - i mean i have been to hottest auction markets in Melbourne (glen waverley and balwyn - and they don't even have half of those bidders. i asked my friend who went to the auction who said that wasn't the case so these articles all seem a bit far from the truth.

i don't see many people talking abt GC in the overseas forums too.

 

I guess if this thread is focused on following Asian buying habits, it is worth mentioning the notion of school catchment zones which is certainly one of the biggest drivers.

University quality also counts, but the parallels between high school ranking on ksou.cn for a postcode, and its median house price compared to surrounding similar postcodes that don't have a top 10 or top 20 ranking high school, are quite self evident.

I don't have the source to hand so I cannot properly quote it, but I did read a mainstream news piece recently on the motivations of specifically foreign Chinese buyers in residential property. Something like two thirds of respondents prioritised high-ranking school catchment zone as their primary objectives.

So if you are going to follow the Asian buyers (of which, a large proportion are Chinese specifically), it makes sense to map out school catchment zones based on high school ranking. At least as a consideration.

 

I suspect the rich would like a beachpad or apt with sea views there. ..
Johnny blowgun middle and upper middle...no..there are others. Eg where their kids are studying etc. Syd mel and bn and even perrh would be picks i would think. Ultra rich - prestige of syd mel and perhaps gc beachpad.
I would the think the forums you are visiting would have more johnny blowgun types rather than the christies/Sotheby types

 

Yes definitely a factor to take into consideration. Buying near where "top schools" are or Unis definitely is a plus for Asia buyers.

 

Actually, there is.

Griffith University has a large campus at Parkwood near Southport and the main public hospital for the Gold Coast has relocated nearby to support the university's medical and allied health courses.
Marg

 

that is true but what i meant was like a top university like say UNSW, Uni of West Australia, University of Sydney and Melbourne Uni or University of Queensland.

No offence, Not that there is anything wrong with griifth uni but most Asians line up to go to the top schools/unis. i don't exactly see ppl lining up for say Victoria university in melbourne or Edith Cowan in perth. Same like high schools, reason why a 80-90sqm 2 bed villa unit can go for 1.1 million or even 1.4 million in a preferred suburb.

 

that is very true - these forums would mostly be about people looking to migrate or invest or get their money into australia - mid level. Yes - there are definitely others upper tier - i have friends too who have substantial amounts of funds not sure of your value of christies/Sotheby types but capable to buy 10 mil of Australian Real estate in cash. Some build hospitals in cambodia or other rural parts of asia, Some are developers of hotels in bali but majority sort of are like cronies in asia due to networks than effort. a lot of them actually purchase RE in australia and worldwide. not that i have heard mention of GC apartments but yeah maybe that is just a isolated sample

Just to throw it out there - take Los Angeles for example, there is Malibu (beach) and Beverly Hills (top end areas). But really where do the chinese ultra rich go to - Arcadia which is known as the Chinese Beverley Hills. Same as Vancouver - why don't they go to Toronto instead. it all comes down to the comfort of being in similar surroundings. different mindsets with different ethnic backgrounds - japanese for e.g. love the gold coast and many actually see it as the next best thing as they have not yet seen anything like it elsewhere, great weather, great beaches and good views.

 

Shanghai

 

anecdotally , I have a mainland chinese co-worker who has property buying friends . They started looking at brisbane a while ago .

Cliff

 

I've attended a couple of auctions in Frankston in the last month both sold to Asian buyers. They seemed to me to be local investors rather than foreigners.

 

Agree I've seen this in Brisbane in the best school districts. Chinese confident at auctions. Property quality didn't seem a major consideration. Very close walking distance to good school increased the numbers of Chinese at auctions i saw. Kids can come home for lunch

 

Not sure about the Plaza, but I know there's an application in for some major changes at Market Square. See this writeup for a bit more info or search pdonline for application #A004211817.