Chinese Buyers Boost Sydney Market

Rebecca Thistleton, Financial Review, December 19, 2013

A Chinese buyer has paid more than $10 million for a waterfront home on Sydney’s North Shore, making it one of Mosman’s highest prices for the year.

Chinese buyers will drive Sydney’s prestige property market in 2014, selling agent and Belle Property principal Tim Foote said.

“About 30 to 40 per cent of Mosman sales above $3 million this year have been to Chinese buyers,” he said.

Mr Foote said the asking price for the Carrington Avenue house was between $10 million and $12 million and the offer was “well within that region”.

The vendors built the five-bedroom, four-bathroom home in 1983. It includes the high-end features highly sought after in the prestige market—a broad, deepwater frontage with pontoon, boatshed, wet-edged pool, a theatre and a cellar with wine tasting room.

“We had three offers. The other two were from another Chinese buyer and a local family,” Mr Foote said. The buyers, who have Australian residency, own an industrial business based in mainland China and Hong Kong.

“We had 35 groups inspect the ­property .  .  . and we had 20 separate enquiries from overseas buyers—mostly Chinese.”

Agents across Sydney are expecting little rest over the Christmas break, when the market generally quietens.

Market buoyancy and strong capital gains have kept vendors and buyers active right up until the beginning of the holiday season.

The federal election also interrupted the spring selling season, which may have delayed some activity.

Mr Foote expects the 2014 market to re-start towards the end of January when Asian visitors come to Sydney around Chinese New Year. They are usually looking for full-brick waterfront homes, he said.

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  • Puggg

    Sydney, or Beijing?

    Is the traditional Australian doomed to become a peasant in his own country begging for crumbs from his yellow overlords?

    • Spartacus

      YU SO WEI CISS !

    • Pro_Whitey

      Yeah, and the same happens in the U.S. They have to launder their U.S. dollars somehow. Some people get all excited about foreign investment. Foreign investment is foreign ownership, and it means the shots get called by someone who does not give, and does not have to give, a rat’s anus about Americans.
      But you’ll be OK. The Chinese must like pugs.

  • dd121

    Most civilized countries don’t allow foreigners to buy property in their country.

    • Steven

      Like Mexico?

      • itdoesnotmatter

        Friend of mine years ago bought a shack on the ocean down the coast from Acapulco. Did huge amount of upgrading, turning it into a lovely piece of vacation time property. Mexican officials came knocking, telling her, “sorry, this is not your land.”
        She made multiple trips back and forth fighting in court to keep it on an ownership level and not the dodgy lease deal they offered, of course, with Mexico taking a kickback.
        The whole thing turned into such a hassle, she let it go without recovering the improvements.

    • Anna Tree

      Was this a tongue-in-the-cheek statement? Most if not all the white countries allow a foreign take-over, the Arabs in Paris, all the Champs-Elysees!, the Chinese in Vancouver, the Mexican in California etc etc

  • Strike_Team

    And not on a few occasions the “buyers” are merely front men for the Chinese Govt.

    Once things tilt, and if whites step up, they’ll need to enact laws that will not allow things like this to happen. After all, the Asians do this with whites all the time. Only whites are wrapped up in the silly belief of fair play. The non-whites and the usual suspects nod in whitey’s face, acting as if they believe in fair play for all as well, then they turn, laugh, and work as a group within their own groups to stab whitey in the heart with the knife entering through whitey’s back.

  • Chris Granzow XI

    When we had the great depression, home prices actually went down, fitting the need of the people. But today, with the globalization of real estate markets, we see them rising and rising even during a recession, making owning a home even more unattainable for most people.

  • wildfirexx

    While we allow foreign investment in residential homes, the Chinese along with many other Asian countries forbid it in their own backyard. While this may be beneficial to those selling their homes to the rich Chinese in the short run, in the long term the next Canadian born generation will no longer be able to afford a home in Vancouver. We have given the keys to the city away to the rich Asian foreigners, who already treat many white Canadians like the under class. And the federal government sits on their hands and does nothing to protect their citizens from this foreign invasion.

  • Migration to Australia is not only inflating real-estate prices, but also driving habitat destruction in the temperate coastal forest areas where nearly every new arrival wants to live. All this new building construction isn’t being built in the barren interior or the tropical north.

    • itdoesnotmatter

      What about N.Z. or Tasmania? Somehow cannot picture their pouring into and usurping those two islands.

      • Those islands are cool and rainy, but this has not stopped Chinese from flooding into the cool, rainy US Pacific Northwest and Canadian Pacific Southwest.

  • itdoesnotmatter

    My sister, who lived for years on Oahu, said the Japanese did the same thing there. Saw a house they liked, arrived cash in hand on the front doorstep, made an offer few could refuse.

  • itdoesnotmatter

    I am also aware that sales brochures for any significant development are printed in Chinese as well as English.

    What really worries me is large rental structures with multiple units for sale. Adverts online of such properties are often listed in both English and Chinese. Can you imagine a city full of Chinese sec8 slum lord properties?

  • IstvanIN

    Actually Indians (dots) already do that in NJ (sec8).

  • Zaporizhian Sich

    This is why wherever whites seize back control of their homelands after killing as many non-white intruders as it takes, the first thing they must do is render foreign ownership of any property, stock, company or assets totally illegal. The next step is to seize all property, stocks, companies or assets owned by foreigners, read non-white foreigners. I have personally seen how they drive out native born people in my local area, drive down wages, and drive up the cost of living far beyond working people’s means, let alone owning a house.

  • Zaporizhian Sich

    Don’t call them immigrants, call them hostile invaders, usurpers and genocidists. They do not have to invade our lands the way the Mongols invaded Russia, Ukraine, Poland, Germany, and other lands across Central and Eastern Europe, killing off entire populations as they went. All the need to threaten our very futures is appear with a checkbook.