There’s a whole new story to the existing boom in the Australian Real Estate. And this time the Chinese are to blame. A large number of Chinese buyers are planning (and looking as well) some permanent residences in Australia for the quality of life they find here.
There’ve been a lot of Chinese students that came to Australia for the education. But their course of stay during their studies fascinated them about the lifestyle they found here. As a result, these students who once lived in off-plan rented places just to complete the education are now looking for terraced houses to stay in Australia. Most of them belong to the group that came in 2012 for education. Now they have families and kids and are looking for proper residential properties to buy.
What adds to it is that these people are also reluctant to leave their current residence in Australia. Just for the safety of it, they are planning to keep their old rented houses so that in case of any tough competition by foreign investors they at least have something by their side.
But here’s where it gets troublesome for the locals. More Chinese attracted towards the Australia certainly brings more investment, but it also means less options for local buyers. The already existing shortage of preferable properties going to be even bigger due to the Chinese investors.
The Australian government has taken measures to bring foreign investment, but it needs to think about its people more and come up with plans more in their favor. For more information on real estate and property updates keep following us.