Property: Sydney expected to gain foreign buyers as Canada closes visa scheme

Saturday 08 Mar 2014

For prestige property owners the sight of a black Mercedes van out the front of their home is cause for excitement.

Cashed up, Chinese buyers are being chaperoned from house to house in some of Sydney's best neighbourhoods, often with their immigration agent.

A report this week from Credit Suisse said Chinese buyers were spending $5.4 billion a year on Australian properties, with the split relatively even between new settlers and others. Analysts warn ''a generation of Australians are being priced out of the property market'' as a result.''

And following a recent decision by Canada to axe its significant visa scheme, agents say there will be many more vans touring Sydney soon.

Advertisement

At an inspection of a $5.8 million Federation home in Bellevue Hill this week the Chinese interest was apparent.

''I want a better quality of life for my wife and family,'' said one interested buyer, Daniel Ming Chen.

With the assistance of Monika Tu of Black Diamondz Property Concierge, the property developer from Shanghai is on a two-week reconnaissance trip, looking for properties and potential schools for his child.

 

http://news.domain.com.au/domain/real-estate-news/property-sydney-expected-to-gain-foreign-buyers-as-canada-closes-visa-scheme-20140307-34cr6.html

- Lucy Macken