QLD Slow down in Chinese Economy affect on Brisbane High Chinese Buyer Suburbs

I'm considering selling a property in Parkinson in 4-6 months. I was talking to an agent who commented most buyers are Chinese and in some cases parents in China have been helping their Australian resident children with deposits. Any Thoughts from mortgage brokers, etc whether there has been an affect with Chinese buyers. Brisbane seems relatively cheap and I'm hoping demand keeps high over coming months. My property has only increased about 20% in seven years so it appears overdue for some growth. Does that sound about right for Brisbane growth over that period? Thanks

 

Sounds low growth for the Southside Asian priority suburbs, though Parkinson is on the fringe of the favoured suburbs. Several suburbs have been seeing 10%+ growth p.a. for several years.
Marg

 

Most? As in almost all? Or do they mean the majority, like over 50%? Or just trying to say a lot?

 

The agent commented since prices had risen in Sunnybank and Sunnybank Hills a lot of Asian FHB were buying in Parkinson. He mentioned high demand currently, prices could continue to increase in coming months but could also slow-down due to Chinese Economy. I am thinking though that possibly due to the slowdown it may make Parkinson even more attractive than the more exy suburbs. -hope so anyway, don't want to sell too soon and miss out on growth, or leave selling too late as there won't be much point if prices drop

I don't know figure but the agent is learning Mandarin and have employed fluent Mandarin speaking agents. Caught up with a neighbour in January who said to me every property that sells are Asian buyers and another friend who resides there mentioned there is a lot moving into area also. So I'm thinking 'majority'

 

In our suburb the Asian buyers account for 95% of sales.
Marg

 

How do you work that out?
Is it listed somewhere?

 

Data supplied by local real estate agents.
Marg

 

This interactive map is interesting if you want to know about immigrants in various suburbs. Some clear patterns there.
Where Australia's immigrants were born: Brisbane | SBS World News

 

I dont believe it when the figure is 95%...

 

Thanks. Is there any info on when this map was produced? It sounds about right but possibly a few years behind?[/QUOTE]

 

The agent probably wants to get a sale from you. Don't believe a syllable that leaves his lips at face value.

Regardless of how China's economy will do over the next 5 years, the amount of people who have silly money that they can just literally burn is beyond imagination. If they want to buy in Brissy, they will, regardless of their economy.

Just my opinion.

 

But what if they were born here, is there a box we tick when we buy with which group we identify as?

 

Bottom of the page: "Source: Australian Bureau of Statistics – 2011 Census"

 

thanks for your insight. Hard to get my head around China slowdown. I also need to do a lot more research on the Brisbane market but I'm getting the feeling I should hold another year.

all that info would be collected on census.

Thanks - couldn't see it. I noticed 5-6 yrs ago Algester IGA had a NZ food/lolly section and Parkinson IGA were selling packs of Chicken feet

 

will slowdown in chinese economy affect chinese byying activity in brisbane and especially in chinese suburbs?
I dont think much.
The rich chinese will continue to target sydney and mel prestige market.
The next rung down the ladder- the upper-middle class chinese will look at brisbane. Maybe slight slowdown with china softening but not a material impact.
Lucky for sydney and melbourne back in the day- they won the lottery. Wont be repeated to that extent for a long time.
Brisbane will have to aggressively target the other asian counties , in addition to china, to get a strong asian influx of buyers. They have recently started doing so but still a very ling way to go. They will also have to create many more opportunities for non-PR/citizenship holders to get a job in brisbane, just like sydney and mel have successfully done.

 

If you do hold off for another year, know that the rise in brisbanes house prices will likely exceed any averaged salary growth, especially now that rates were cut.

 

So we can only confirm it after the next one? These people sound pretty certain, maybe there's another way.

 

Just anecdotal but my cousin-in-law (mainland Chinese) bought in this area and is due to settle next month. However she has trouble getting enough money out of China and has been refused a loan in Australia, so she’s trying to delay settlement by 6 months! Not an uncommon problem as I understand it.

 

Interesting, thanks

 

Not uncommon? Why would someone wait for 6 months?