Australian real estate attracts Asian investment
East Australia is becoming a property hotspot for Asian investors looking to secure their assets in real estate.
Property listing website Juwai.com - which features 1.8m listings from 53 countries - says Australia is at No 2 on its most-searched countries list, narrowly trailing the US. The Pacific hotspot is becoming favoured among Asian buyers, primarily for investment reasons, although a quarter cited education as a reason for purchasing Australian real estate and 19% were motivated by lifestyle.
Simon Henry, Co-Founder of Juwai.com, says: "There's a lot of property cooling measures in China at the moment to try and stop the prices inflating too high. It has become very hard to buy a second property or an investment property in China. So a lot of people are looking to diversify their risk.''
Sydney, Melbourne, the Gold Coast and Brisbane are the top four destination spots for Asian buyers, which correlates with a general surge towards urban dwellings in the east of Australia. The latest RP Data Property Pulse report shows Sydney properties to be selling faster than anywhere else in Australia, with houses and units spending just over a month on the market and the best performers selling within days of listing.
The inner-west suburb of St Peters was Sydney's fastest seller, averaging 23 days in the year to March. Property values in areas such as St Peters have soared 35% in the past five years, although the median is still cheaper than neighbours Petersham, Enmore and Marrickville. Melbourne was close behind in the national rankings, with properties spending an average of 38 days on the market before being sold.
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