2019/11/14

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A third of most expensive homes in Australia bought by Chinese

  


One third of the most expensive homes in Australia have been scooped up by wealthy Chinese investors.


Thirty per cent of multi-million dollar mansions and penthouses around the country are owned by buyers from mainland China and Hong Kong, including coveted areas in Sydney and Melbourne.


One luxury home in Sydney Harbour's Fairwater estate went to a foreign investor for $100m and a mansion in Melbourne's ritzy Toorak was snapped up for $26.25m.


But the nation's most expensive home eclipsed previous figures after a mystery Chinese-born entrepreneur paid $140m last month for a Barangaroo South penthouse that hasn't been built yet.



Once completed in 2023, the buyer will use the top two-storey penthouse as their home and the sub-penthouse as a separate living quarter.


Spanning 1,600 square metres, nine-bedroom home features a master bedroom that is the same size as a small city apartment.



The tower's agents said many of the apartments have sold for around $40m to Chinese-born nationals.


The sale comes after billionaire developer Phillip Dong Fang Lee bought a Point Piper mansion for $39.9 in Sydney's affluent eastern suburbs.



James Packer's former Vaucluse abode sold in 2015 to Chinese-born Chau Chak Wing for $70m.


While the federal government placed new taxes on foreign investors, migration agent John Hu said Hong Kong nationals have expressed 50 per cent more interest in Australian properties since civil unrest began in June.


'For enquiries, we are reaching about 1,000 a month and they are asking for different countries and of course Australia is on the top of the list.' 


About 1.2 million Chinese tourists visit Australia every year.


According to Chinese property portal Juwai, a quarter of them are looking to buy property.


Source: https://www.dailymail.co.uk


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