The majority of the Chinese who purchase real estate are doing so because they are migrating here and they need a house to live in.
New research by Deakin University’s Dr Mona Chung casts doubt on whether it is Chinese buyers here or overseas who are pushing up the house prices in Melbourne and Sydney. The research, which surveyed more than 350 Chinese buyers from China, Malaysia, Singapore and Australia found 78% had migrated or were planning to migrate to Australia. And properties priced between $500,000 – $800,000 made-up just over half of their purchases.
Dr Chung says there has been very little research into the impact of buyers with Chinese backgrounds on the Australian property market, and most of the negative commentary was based on media and real estate agent speculation.
‘And because society doesn’t get the true picture of what is going on, people then go with all the guesses, it creates quite a lot of social instability among the Chinese and obviously Australians.’