8-20-2018 China’s high-rollers are returning to Australian property markets after a twelve-month hiatus, as they search for an investment bolthole until the dust settles on their country’s vitriolic trade war with the United States…(They favor) purchases of new homes, as there are no restrictions on this type of property—they are not reviewed by the Ausie nvestment board (conveniently).
Chinese buyers also slip the embargo on the purchases of established homes by using their children as proxies. Students on temporary visas are allowed to buy new properties and one existing home, as long as they live in the established house and sell it within three months of leaving Australia.
Despite the decline, Australia remained the second-most popular choice for Chinese real estate investors last year behind the US, as it was in 2016, Juwai said. Canada, the UK, Thailand, Vietnam, Japan, Spain, France, Singapore, New Zealand and Malaysia were the other leading choices of Chinese buyers.
A house under construction in the western Sydney suburb of Oran Park, October 21, 2017. Photo: Reuters/David Gray