Australian real estate industry accommodating Asian buyers
Lifestyle, great prices, amenities, capital growth – these are all things that real estate in Australia offers buyers, and they're all features that make the country an attractive place for Asian investors.
The presence of Asian investors in the Australian residential real estate market has been a much discussed topic for months – and there's many reasons for this.
A recent report from Credit Suisse forecast Chinese property investors will spend a large $44billion in the Australian property market over the next few years. Already, the report estimated Chinese investor spend to be $24billion over the past seven years.
With buyer activity from this demographic set to grow, it's no wonder many real estate agents and property developers are taking notice and catering to their tastes.
Developers adjusting buildings
A 25 June article from ABC noted how Australian developers are making structural changes to their buildings to accommodate Chinese buyers.
In the article, Feng Shui Australia Consultant Mina Zheng said changes take into account Chinese culture and folk lore.
Ms Zheng noted that lucky colours and numbers would be used to bring good fortune to those who inhabit the properties. Even the location of the doors and entryways and how water flows inside the home are taken into consideration for major development floorplans.
A rise in Asian real estate agents
A 13 June article from The Australian identified the number of Chinese property agents marketing Australian property has "increase at least fivefold over the past five years".
These are property marketers based in China who are showcasing luxury and brand new Australian properties to Chinese buyers. The appeal of these properties, The Australian says, is the tax environment in Australia, as well as the borrowing conditions.
While more Australian property is being showcased overseas, there's also been things happening in the Australian real estate market. More real estate agents are being trained up in order to cater to Chinese buyers.
Ray White New South Wales and Victoria have both hosted training sessions for its agents to educate them on the most effective ways to engage with investors.
Sessions will also cover the way to most effectively market properties to Chinese buyers, as well as understanding Chinese culture.
Commenting on some of the cultural differences, Ray White NSW CEO Stephen Nell said: "Being aware of significant events such as Chinese New Year, being mindful of the buyer journey and tailoring your negotiating style can be extremely beneficial. If you're dealing with Chinese investors frequently, learning the simple phrases of their language and understanding the basics of feng shui and numerology is paramount to relationship building."