Golden Week attracts Chinese buyers in Melbourne

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Despite the lending crackdown imposed on Chinese investors for Australian property, Chinese buyers are flocking to Melbourne during China’s Golden Week – a week-long national holiday that has always served as a lucrative sales season for many real estate agents.

But while agents are hoping to ink several million-dollar contracts during this period, real estate promoter Arron Liu claimed that there is less activity this year compared to last year. In fact, there are just 40 auctions listed in Melbourne for this coming weekend.

“Last year, we organised about three trips a month of about five or six people each time,” said Liu. “Now we only have a few people but we have yet to have enough to form a group.”

One of the reasons for the decline in recent months is the tougher lending restrictions from Australia’s big four banks. Another problem is the steep price rises in first-tier Chinese cities that have continued to fuel concerns of a rapidly inflating real estate price bubble.

However, Marshall White director Marcus Chiminello is not concerned with his Chinese clients’ financial capacity, since most of them already have established business ventures or property in Australia.

Among the Melbourne suburbs to be shown to Chinese buyers are Balwyn, Glen Waverley, and Toorak.

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