Australian cities continue to attract big foreign buyers

International buyers' interest in Australia is second only to the U.S.

New York Weekend Edition /
Mar.March 04, 2018 03:27 PM

Melbourne. (Credit from back: Nicholaspetridis, Pixabay)

The Year of the Dog is looking like Australian real estate’s year of the deal.

Foreign buyers, particularly from China, are preparing to buy into Australian markets they’ve had their eye on for some time, according to Mansion Global.

“In the last five years they were looking at the top end, but weren’t ready to buy,” Kay & Burton real estate agency’s Jamie Mi told Mansion Global, noting that many potential buyers booked showings following Chinese New Year. “This year most of them are ready to buy and are very seriously looking.”

Foreign buyers’ dollars pour about $4.7 billion into the market each year in Australia, but, of course, there is a favorite city — Melbourne, where demand is so large that high-end properties are selling for record-breaking prices.

“The sweet spot for most top-end buyers is anywhere between $2.3 million up to $6.2 million,” Mi said. [Mansion Global]Erin Hudson


Related Articles

arrow_forward_ios
(Photo Illustration by The Real Deal with Getty Images)
The housing correction is a tale of two markets
The housing correction is a tale of two markets
A photo illustration of Manhattan Borough President Mark Levine (Getty, Office of Mark Levine)
Map: Here’s a treasure trove of Manhattan resi development sites
Map: Here’s a treasure trove of Manhattan resi development sites
Albany buildings
How Albany is dealing with its 1K vacant buildings
How Albany is dealing with its 1K vacant buildings
Seth Weissman, John Catsimatidis, Mayor Eric Adams
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
(Photo Illustration by The Real Deal with Getty)
DC’s real estate market demands to be taken seriously
DC’s real estate market demands to be taken seriously
From left: Robert Reffkin and Rupert Murdoch (Getty, Compass)
ChatGPT didn’t write this week’s real estate news roundup, we promise
ChatGPT didn’t write this week’s real estate news roundup, we promise
(Photo Illustration by The Real Deal with Getty)
Native Hawaiians leaving state due to high cost of living
Native Hawaiians leaving state due to high cost of living
5603 Winslet Drive North in Franklin, TN with Paula Duvall
Charred $1.5M mansion finds buyer after days on market
Charred $1.5M mansion finds buyer after days on market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...