Posted on December 20, 2013

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.