Chinese investors continue to be at the heart of Australia’s property market, according to Ray White, with the group securing a strong presence at a Chinese-focused property expo in Sydney last weekend.
According to Brian White, chairman of Ray White Group, a strong relationship with the Chinese market is important as investors rush to Australia in large numbers.
“It was calculated recently that Chinese investors spent $4.2 billion on Australian property," he said. "This is a dramatic increase over the last four years and shows an exciting shift in the real estate market.”
Last weekend thousands flocked to the Chinese Property Expo in Chinatown, Sydney where Ray White Group was represented at the expo by two offices; Ray White Southbank, Victoria and Ray White Rural Sydney.
Ray White’s head of the Asian division, Rebecca Zhang, said the weekend was a great opportunity.
“Over the weekend we were inundated with high enquiry on new developments in Sydney and an even higher demand on rural properties,” she said.
“The amount of inquiries on rural properties exceeded expectations."
According to Ms Zhang, almost 90 per cent of the attendees showed interest in buying off-the-plans properties in all parts of Sydney including Surry Hills, Putney, Rosebery, Mascot, Lane Cove, Zetland, Epping, Sylvania, Arncliffe, Rhodes, Macquarie Park, St Ives. Projects in Brisbane CBD, Melbourne and Gold Coast also received strong interest.
In addition to property exhibitors, there were also professionals from the banking, migration and accounting sector providing consultancy services to tourists/Chinese people in Australia on business visa options.
There were all-day seminars from each exhibitor on their project as well as other professionals presenting on topics on migration policies in Australia and cultural differences in the business world - China vs Australia.