China lavishly spent $60 billion on Australian Property23 May 2015
Chinese investors and immigrants invested $8.7 billion in the Australian property market in the span of just 12 months during 2013-14, according to an analysis released by Credit Suisse.
This figure is expected to grow to $60 billion in the next six years with the current growing demand.
A report released by analyst Hasan Tevfik demonstrated the following:
• The current Chinese investment in the Australian property market converts to 15% of the national housing supply
• The new investment rule may seem unfavourable to foreign investors but the potential damage to demand will be marginal
• The new changes to the investment rule will refocus the demand to new housing from established housing which is positive for the Australian economy
• Purchases by Chinese buyers were mainly focused in Sydney and Melbourne with both cities receiving $7 billion investment (80% of total demand)
• The current growth of Chinese demand in the Australian property market is two per cent per annum and this figure is expected to grow at a rate of five per cent per annum
• There are currently 1.2 million Chinese with more than $US 1 million in China and the growth rate is expected to be around 14 percent a year
• The report states that these Chinese millionaires can easily afford to buy a house in either Sydney or Melbourne and by 2020 the number of Chinese millionaires will rise to 2.6 million which is equivalent to the current population of Brisbane
With the strong support of Chinese investment the Australian market has a very promising future.
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