Shanghai investors favor Australian houses

16:39, November 04, 2010      

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Ms. Wang bought a villa and four apartments in Australia in short three days with a total turnover nearly 40 million yuan.

China's real estate portal Soufun and Shanghai TV jointly organized more than 10 people to pay a three-day visit to Australia recently. Shanghai's investors, including Ms. Wang, purchased more than 10 sets of villas and sea view apartments in Australia within three days.

This shows Shanghai resident's enthusiasm about property investment in Australia. The new rules on buying homes in China and the appreciation of the RMB are forcing domestic investors to seek property in the overseas market, according to analysts.

Compared to the United States, Canada, Japan and Singapore, real estate in Australia has the highest investment value, according to Zhuang Nuo, who is in charge of planning in media for SouFun.

The rental yields in Australia rank the highest in the world and reached 7 percent. The housing costs are very low and except for property management fees, there are no other costs. Also more people are now motivated to buy a house abroad and to pay for their children's education costs using the rental income.

The property developers and real estate agents are surprised at Shanghai house buyers' enthusiasm and their purchasing power. Li Ming, a Chinese market manager of a real estate agent in Australia, said Shanghai investors are very familiar with the property market in Australia, in particular, in Queensland's Gold Coast and Brisbane.

Li believes house prices in these two places still have much room to continue to rise compared to prices in Sydney and Melbourne where property prices were pushed higher two years ago.

By Liang Jun, People's Daily Online


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