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Developers and agents are preparing to woo China-based househunters to buy in Australia over the coming Chinese New Year period. Picture: Jack Tran/News Corp.
Australian developers and agents are offering free immigration services, access to concierges and thousands of dollars in cash backs to lure Chinese househunters this Lunar New Year.
Chinese New Year, which begins on February 12, is normally one of the most popular periods of the year for Chinese buyers to visit Australia in search of their dream home.
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Despite borders being closed to non-Australian citizens or permanent residents, experts are predicting demand from China-based buyers to be 40 per cent higher than last year.
Juwai IQI Group is forecasting a 40 per cent increase in demand from Chinese buyer’s looking to buy property outside of China. Picture: Gaye Gerard/ Daily Telegraph.
Juwai IQI Group co-founder and executive chairman Georg Chmiel said China-based househunters were expected to splash the cash over the New Year period due to a spike in COVID-19 cases prompting Chinese officials to encourage families to stay at home.
“Many Chinese with unexpected bank account surpluses are telling us they have decided to invest in real estate rather than fritter away the money,” he said.
“That’s why home prices in major Chinese cities are climbing and one reason we forecast higher demand in Australia.”
Mr Chmiel said the activity they are seeing suggests Chinese buyers could make 20 to 40 per cent more overseas inquires this year than during the 2020 Chinese New Year.
The potential demand is seeing many developers and real estate agencies around Australia look to woo Chinese buyers with incentives.
Melbourne real estate chain Kay & Burton are offering all potential international Chinese buyers who make an inquiry in the next month access to a personalised concierge service.
Kay & Burton head of international Jamie Mi said the service includes anything from private driving, schools, deep cleaning and the application of a special antivirus spray.
“For most of our overseas buyers at the moment, while the actual decision makers are
overseas, family members are here already,” he said.
“We know our personalised concierge service serves an acute need for these families, many of whom have not yet settled into a permanent home here.”
A Chinese buyer paid $95m last year for 92 Wolseley Rd, Point Piper, which is now Australia’s second most expensive house.
While there may be appetite for Australian property, foreign property investors are only permitted to purchase new properties and cannot buy established housing.
Black Diamondz director Monika Tu, who specialises in selling real estate to Chinese buyers, said while she expected demand from China to be down, it would still be a busy period for Chinese Australians. She added her clients were often drawn to Mosman, Hunters Hill, eastern suburbs and upper north shore in Sydney.
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“Anything with water views or a large backyard with a tennis court is always high in demand,” she said.
Ms Tu is planning to woo buyers over the Chinese New Year period with a series of intimate events designed to embrace Australian culture. Tonight she has organised an intimate behind the scenes event with fashion label Zimmerman.
Black Diamondz director Monika Tu is selling this Rose Bay mansion at 12 Tivoli Ave.
“Before you would send a car to pick them up and take them to yum cha, but they don’t want that anymore,” she said.
“Today it is about showcasing the best of Australia as they want to learn about the culture here.”
Ms Tu who has organised Australian themed yacht parties and private museum tours in recent weeks, said the intimate events were designed to help buyers build an attachment to a property.
Property developer DealCorp is offering overseas students consultancies with a student advisor at La Trobe University to buyers who reserve an apartment at its Polaris development. It is also enticing China-based buyers with access to immigration lawyers to discuss migration and property.
Developer DealCorp is offering immigration services to overseas buyers who reserve an apartment in its Polaris development (above) in Melbourne.
To celebrate Chinese New Year, Perth’s Elements at Carousel development is providing a $8888 developer’s rebate when settlement occurs to international buyers who reserve an apartment within 15 days of February 11. IQI WA head Lily Chong said overseas Chinese buyers would also have access to 75 per cent stamp duty rebates being offered by the West Australian Government.
The incentives are not just unique to Australia, with various developers across Asia hoping to entice Chinese buyers over the Lunar New Year. One Bangkok developer is offering $45,000 in discounts to Chinese buyers.