Interest in Australian real estate from Hong Kong continues to boom

Discussion in 'Property Market Economics' started by Tattler, 24th Jul, 2020.

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  1. Tattler

    Tattler Well-Known Member

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    Well I expect this will continue given the implementation of National Security Laws at Hong Kong recently:

    Interest in Australian real estate from Hong Kong continues to boom - realestate.com.au

    Interest in Australian real estate from Hong Kong continues to boom

    People from Hong Kong pushed to breaking point by China’s strengthening grip on the former British territory are increasingly seeking out Australia as a potential new home, new data reveals.

    Amid the introduction of a draconian new security law by Beijing, and the Morrison Government’s offer of Australian work rights with a path to citizenship for residents in the territory, interest in Aussie property from Hong Kong has spiked.
     
  2. larrylarry

    larrylarry Well-Known Member

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    HKers with money would always try to find a place outside HK, even before 1997... now there's even more reasons for those who can leave, to look for a safe haven outside HK and Australia makes sense.
     
  3. daiwaqa

    daiwaqa Member

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    HKers have learn the hard lesson buying off the plan Gold Coast apartments. I guess they become smarter now.
     
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  4. Robbo80

    Robbo80 Well-Known Member

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    Doesn't look like they have much choice. Its new builds or become a developer.. many i think would pick new builds, and with that, those projects with huge offshore marketing budgets such as house and land or high rise will draw the most eyeballs. The falling AUD wouldn't have helped much either.

    Having spoken to a few HKers who are now citizens here, with parents and siblings still overseas. The overwhelming response is - first I need to somehow get the majority of my siblings over to Aus as a skilled worker, then it will be easy to get my parents across. If that occurs, then there will be property sales in HK whose funds will go directly into properties here. One recently bought an off the plan townhouse in scoresby VIC for $850K in cash! no worries.
     
  5. Waterboy

    Waterboy Well-Known Member

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    I won't be surprised if the Communist Party started implementing Capital Controls to prevent Hongkongers from moving funds overseas.
     
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  6. kaibo

    kaibo Well-Known Member

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    Keep in mind a lot of them coming back are actually returning passport holders who finished school and Uni here and went back for better paying jobs. They already have passports and come back with their own kids education and lifestyle.(they know they will earn less here but have a whole lot of cash to put into PPOR)

    They would be definitely be 2 mil+ buyers buying close to private schools
     
  7. Gockie

    Gockie Life is good ☺️ Premium Member

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    I'm not sure they prefer private, I think they go good public school + coaching, and aim for selective school admission. At least in Sydney anyway.
     
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  8. Dean Collins

    Dean Collins Well-Known Member

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  9. Robbo80

    Robbo80 Well-Known Member

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    Haha would be better if they provided raw numbers instead of %s
     
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  10. larrylarry

    larrylarry Well-Known Member

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    True. I agree but also through my professional networks in HK, there is an increased enquiries made by those financially mobile people wanting to set up shop or life here, particularly Sydney and Melbourne.
     
  11. Someguy

    Someguy Well-Known Member

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    A spanner in the works of this whole open door for HK people will be our encouragement of racism against Chinese in media in social media. They are the same people as mainlanders, how can we tell who are the oneS from HK let alone the ones from HK who aren’t CCP supporters.
     
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  12. kaibo

    kaibo Well-Known Member

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    I am referring to the ones that are buying 2 mil plus properties (financially mobile). Most of these guys are in banking and know they will be making less money than Hong Kong and doing for personal reasons (their kids) and treat it as a semi-retirement. It would be very rare for them to have more than 2 kids. 1 actually is more common than 3 in Hong Kong.

    Why can't you go private and coaching. At the end of the day why would you take your child out of one of the top private schools (starting from prep) to go to a selective public school. The sums have been done for these guys 60K for 2 kids school fees, 60K living and with minimum mortgage under control need to clear 150K after tax. They will also have other investments like shares
     
  13. Gockie

    Gockie Life is good ☺️ Premium Member

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    Maybe. I think they’d spend for uni education definitely, not so sure for high school. My area is very popular for parents due to the Public schools, they are held in high regard. A very Chinese part of Sydney. According to the Census 2016 31% of residents in my suburb have a Chinese background. (That includes me.) There’s also 8% Korean and 6.4% Indian. English is 13.5%. House median not far off $2mill, currently $1.83m according to RP Data. The Chinese buy many of the local homes over $2mill.


    ps. Most Sydney parents would rather their kids go to a selective high school... no/low school fees. And if the child doesn’t make it in, then the parents may move to an area with well regarded public schools. A local selective school (James Ruse) has topped the state’s school results for the last 20 odd years. So it’s regarded as the best school academically in the state. And a very high proportion of the students have a Chinese background.
    Academic achievements - James Ruse Agricultural High School

    2016 Census QuickStats: Epping (NSW)
     
    Last edited: 25th Jul, 2020
  14. Melbourne_guy

    Melbourne_guy Well-Known Member

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    There needs to be a public discussion on the skills Australia needs in order to regenerate itself from this period of turmoil - noting it is far from finished. A neuro-surgeon, manufacturing and production specialists most definitely but does Australia really need more bankers? If it does, why can't they be trained locally over the next 3-5 years gaining the necessary experience as the economy begins to grow again?
     
  15. kaibo

    kaibo Well-Known Member

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    There hasn't been many new Hong Kong people migrate here in the last 20 years. Out of all the Chinese that have come I would be surprised if more than 1% were from Hong Kong. Peak Hong Kong Migration was late 80's early 90's after Tianeman

    That's not what you pay the 30K school fees for, obviously reasonable good results are important but it's the facilities, staff, wide range of programs, IB etc. ATAR scores mean less and less nowadays and this trend will continue. Just saying if money is not an issue and can afford a 2 mil house outright I would send my kids private all the way as well. If your kids had a trust fund that could only be used for education I would say you would do the same

    probably not but did Australia need any more Uber drivers or people working at servos because that's where a lot of these IT graduates who came in through skilled migration ended up. A lot of these bankers are expats so already have passports. Also the guys I am talking about if they don't have passport the companies will work out a way as they will be earning at least top bracket and more likely then not be head hunted (most likely be in Sydney as Australia doesn't really have a big Investment banking scene anad Sydney where most of the action is)
     
  16. Omnidragon

    Omnidragon Well-Known Member

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    Since when are the average Aus properties driven by HK buyers ... speaking from a true HK person here.

    The big guys have been investing in Aus for years (Far East etc)
     
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