Australian cities continue to attract big foreign buyers

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