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Oversea buyer welcome but a local buyer maybe not?

Discussion in 'The Buying & Selling Process' started by Property Hoarder, 23rd Jul, 2015.

  1. Property Hoarder

    Property Hoarder Active Member

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  2. sanj

    sanj Well-Known Member

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  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Box Hill is a very popular suburb for the Chinese. I believe it originally had a lot to do with the phone number having a lot of '8's in it. It's definitely a Chinese hub.

    This is likely also a brand new property and thus can be sold to non residents.

    It also appears that many foreign investors have deep pockets and are likely to pay more than locals. This all raises a simple question...

    If you were selling this property where would you focus your marketing activities to achieve the best price?
     
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  4. Property Hoarder

    Property Hoarder Active Member

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    It look like they have sort of fixed the add. The only english before hand was

    "Brand New Townhouse, Oversea buyer Welcome !"

    It is looking like a multi list. Another 2 agents have now listed it.

    I know the area is a Chinese Hub but to clearly disregard an english speaking local buyer, I thought was a bit rich.
     
  5. sanj

    sanj Well-Known Member

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    P
    You're being overly dramatic imo. They aren't disregarding English speaking buyers, the other ad I've put the link up for is entirely in english
     
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  6. Property Hoarder

    Property Hoarder Active Member

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    I might be a little. I did not know it was a multi listing when I posted it.

    I am happy for adds in the Box Hill area to be written in multi languages. I just hope one of the languages would be English.
     
  7. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Look at this from the vendors perspective. If the house is designed around the perceived requirements of a Chinese buyer, in an area that is dominated by Chinese buyers, and you know that a Chinese buyer is almost certainly going to pay more for a it than an Anglo buyer...

    ... you'd put most of your efforts into marketing the property to a Chinese buyer.

    There's plenty of properties that are marketed elusively overseas because the developers know they'll make more money there. They don't even bother with the local buyers.
     
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  8. Tekoz

    Tekoz Well-Known Member

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    @Peter_Tersteeg Yes mate, you are corrrect.

    @Property Hoarder:
    Most of the Off The Plan properties in Sydney, like in Parramatta NSW 2150 the first stage is always open or offered to the Overseas buyers first. The agent will ask or only regards overseas address NOT local just to be able to get into the VIP invite list.

    imagine 2 bedders for $900k for the first stage release, so one can only wonder how much will be for the second stage release. :eek:.....

    I don't have overseas address that I can use, so yes I cannot get the invite to the OTP 1st release. Thanks to PC forum, OTP is not a great investment choice.

    @sash and @WinDyz. definitely know and always remember about this :rolleyes:
     
  9. Redwood

    Redwood Well-Known Member

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    Its a pretty ugly townhouse for a 'brand new' property. Looks lived in - so lets hope the agents understand their obligations with FIRB?

    You will find most agents selling in BH, Blackburn and Glen Waverley are Chinese - for good reason, the majority of sales are to Chinese.

    Look out for a massive buyer splurge on 8/8/2015 - the lucky 8 will have a record number of sales on that Saturday.

    Cheers Ivan
     
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  10. Property Hoarder

    Property Hoarder Active Member

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    I was wondering that as well. It is not what I would expect if I was looking at new.
     
  11. Genia

    Genia Member

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  12. sanj

    sanj Well-Known Member

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    Discrimination? No.

    Feel free to get outraged though
     
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  13. Redwood

    Redwood Well-Known Member

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    Nah no issue with social media at all, its just getting with the times. Lots of the agents have a database of international buyers they market to. This can be a set email they send out once a property is available. Further, they can advertise the property on Wechat or Weibo and attract interest there. That is just effective advertising in my opinion. Cheaper than the local paper too.

    Cheers Ivan
     
  14. Tekoz

    Tekoz Well-Known Member

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    Yes, and then they spruik the price knowing that the overseas buyer won't have a clue of how transparent property information can be attained using some resources like:
    RPData, PriceFinder, OnTheHouse, APM & SQM, etc...
     
  15. willair

    willair Well-Known Member Premium Member

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    From what I'm starting to see in Brisbane,the real cashup from SEAsia by pass the real estate agents ba all of them,and just doorknock the areas they intend to bring their children in to study in I know several people in the past month that have had a knock on their properties doors and they are not buying 10x1 outside the Brisbane 5 klms cbd areas,they target upmarket areas..
     
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  16. Tekoz

    Tekoz Well-Known Member

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    @willair do you mean by using Buyers Agent (BA) ?
     
  17. willair

    willair Well-Known Member Premium Member

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    Started about 5 months ago,first real estate agents were sending out data from when one purchased the property some going back over 25 years very simple letters telling the title holders what they had paid for the property back then what the agents thought the properties were worth today,and that they had people lined up too buy but just a long line to gain listing all those went in the fireplace..

    Then inbetween you had the 5k new off the block seminar splitters trying to burn someone by saying we will buy your property 9 month settlement no money down bla bla bla,those ones I ring back and play dumb and let them lead you up the garden path,and just when they think they have a illiterate nobody say no..

    Now o-s,, s e a Asian buyers are just doing their homework,and it,s not that hard finding a area they like breaking those down into the large blocks ,select streets that the whole areas prices span off those value few streets,then just turning up and ask the question "IF" you would consider selling
    for xxxxx$$ ,cash 45 days settlement wiwo..no agent no ba no one just the person standing at the door,i know several in the past month that this has happened too
    real estate changes all the time just like the taxi-book shops -movie hire- everything just all those people that work within the real estate don't se it coming..
     
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  18. Tekoz

    Tekoz Well-Known Member

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    @willair: Cool, now I can understand a little bit more what happened in Brissie. Pardon me as I'm in Regional NSW area, but yes i heard almost 9 out of 10 that R/E agent friend that I know who live in Sydney and greater NSW area promoting QLD as the future capital gain potential in the next 2 - 5 years ahead.

    I guess you as a local investor already have a head start :D.
     
  19. Esh

    Esh Well-Known Member

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    That doesn't look brand new at all. My understanding of overseas buyers was that they can buy if the property is brand new and never lived in, if they bought a second hand property then it can only be under a company name and the residence for their employees to live in.

    There is also a product on RE that allows you to advertise your property on a Chinese Website. If someone from China wants to pursue the property, a Chinese translator/ agent will then communicate with you to get the deal done.
     
  20. Redwood

    Redwood Well-Known Member

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    Esh - its a straight out breach however has been ignored. Half of glen waverley are established houses sold to 'foreign buyers' - no FIRB approval, up to the time the commission was started by Kelly O'Dwyer, there was only one infringement, with the overseas pocketing the capital gain.

    I'm in Brissy tomorrow and GC Thursday with cashed up Chinese - they don't give a s^&t about the price, they just want a return greater than the share market in China - not hard.

    Cheers Ivan
     
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