Chinese buyers are increasingly becoming interested in Australia's housing market again — a new survey shows that property shopping is part of their travel plans when they go on holiday.
Australia is the top destination for 27% of mainland Chinese tourists who are planning to buy an overseas property next year, a survey by Property portal Juwai shows.
This is surprising, given that the number of Chinese buyers has been dwindling since 2016, according to the study.
Of the Australian destinations, Sydney and Melbourne remained the most popular, but demand for properties in the Gold Coast is expected to improve significantly.
Also read: Chinese Appetite For Aussie Property Returns
"On the Gold Coast in particular, in both of the past two quarters, Chinese buyer inquiries have gone up double digits. It's got relatively inexpensive prices for what you get, and there so much infrastructure and investment going in, "Juwai spokesperson Dave Platter told The Australian Financial Review.
Property markets in Queensland tend to be seasonal, with a lot of buyers considering buying a property when they are on holiday.
"They're really looking, and they might come back to purchase. But we hear all the time about buyers who show up and buy. A lot of the agents will rent out a van and drive families around, and introduce them to the local highlights," Platter said.
These buyers are typically searching for new developments, especially given the changes to the rules surrounding home purchases by non-residents.
"Australia attracts a very large number of Chinese students. Buying for a student who is going to be studying here is one of the most cited motivations among our buyers," he said.
Chinese buyers are also looking for a place to retire — the Juwai survey found a 50% increase in inquiries for retirement properties during the first half of the year.