Brisbane’s Increasing Chinese Homebuyers Not Causing Price Rise
Chinese homebuyer numbers in Brisbane are expected to jump 30 per cent this year compared to 2022. This as a research paper by Song Shi and Xunpeng Shi published in the Housing Studies journal examined the impact of Chinese regulation of limitation on currency transactions on Sydney housing prices and found Chinese buyers didn’t hurt affordability in Sydney — except in a handful of suburbs with a high concentration of Chinese residents. The Chinese buyer research was conducted in Sydney, but it seems safe to also apply it to Brisbane because home prices surged there in 2021 and 2022 while China’s borders were closed. Very few Chinese buyers were coming to Queensland, yet prices climbed as fast as we have ever seen,” Ho said. Chinese investment in high-end Brisbane real estate will climb at least 30 per cent in 2023 compared to 2022. Before the pandemic, offshore investment buyers accounted for a larger share of Chinese purchases, but no longer. Most Chinese buyers today purchase for their own use and intend to move to Australia. Australia leapfrogged perennial favourites Thailand and the USA in the latest Juwai IQI’s report, breaking into the lead in 2022 and cementing it in the first half of this year. “Slow Chinese economic growth and property markets encourage buyers to look overseas,” according to the Juwai IQI report. The country is adding more households to the uppermiddle and high-income classes than any other; expect another 71 million such households — to a total of 209 million — by 2025. Chinese demand for Australian and other international real estate will also increase proportionately.
Tags : Chinese homebuyer Brisbane research paper Song Shi Xunpeng Shi published Housing Studies journal impact Chinese regulations limitation buyers affordability Sydney residents