Wealthy Chinese buyers flock to Melbourne via private jets to snap up premium Australian property, claims buyer’s agent
Cash-strapped Chinese buyers are taking private jets to Melbourne to snap up luxury mansions in the city’s most expensive suburb, an Australian buyer’s agent reveals.
Buyer’s agent and property developer Alex Bragilevsky says 90 percent of his buyers now come from China.
In the past six months, the buyer’s agent has facilitated a whopping $135 million in real estate deals – and they were all Chinese buyers.
Mr Bragilevsky said some international buyers arrive in Melbourne by private jet and will pay for the luxury home they want.
Buyer’s agent and property developer Alex Bragilevsky in Melbourne’s affluent suburb of Toorak (pictured) said 90 per cent of his clientele are Chinese buyers
One sale Mr. Bragilevsky facilitated was a 1930s mansion on Ottawa Road that sold to Chinese buyer Xin Zhang for $21.5 million (pictured)
‘They come to Melbourne on a private jet and I meet them at the airport with a nice car. Then we’ll look at real estate,” he said Australian Financial Statement.
He added that the “Chinese will pay more for single-family homes” in the area as it ensures them a family home near prestigious schools for their children.
One sale Mr. Bragilevsky facilitated was a 1930s mansion on Ottawa Road that sold to Chinese buyer Xin Zhang for $21.5 million.
He also sold a modern mansion to Chinese client and CEO of British clothing manufacturer Yunhan Jin Du earlier this year.
The mansion, located on Whernside Avenue, set a record price for the street after it sold for $33.5 million.
Mr Bragilevsky (pictured) said foreign clients arrive in Melbourne on private jets and are willing to pay for asking for a luxury home
Mr. Bragilevsky said his Chinese customers typically write checks or deposit money on the spot to buy a home, while about 10 to 15 buyers pay cash for a luxury home.
Foreign buyers are playing an increasingly important role in the country’s housing market, NAB’s latest quarterly Australian Residential Property survey shows.
The data showed that foreign stocks rose for the fourth quarter in a row and now represent 10 percent of the market, the highest level in five years.
Chinese buyers made up the bulk of foreign investors, with some figures suggesting they were spending an average of $8 million a day.
Treasury figures show that China was the largest source of investment in Australian residential real estate from January 2022 to March 2023.
In those nine months alone, Chinese investors spent $2.3 billion, which equates to $8.4 million per day, and bought up 1,775 properties.
After China, the largest sources of residential investment came from Hong Kong and Vietnam – both at $400 million.
India, where Anthony Albanese is now trying to attract investment, is in sixth place.