A big factor is house jumps over the last 12 months has been the huge demand from Chinese property buyers. Surpriselingley they are buying in suburbs they would traditionally not have bought in and are purchasing in the upper end of the property market. Case in point of a house in Pacific Ave Dee Why selling for $3million and another property in Morella Road Mosman for $12.750Million.
8 out of 10 auctions I would attend on a weekly basis would have either a successful Chinese buyer or they would be the under bidder.
The proportion of foreigners purchasing new homes in Australia more than doubled to 12.5 per cent in the three months to September, from 5 per cent throughout most of 2011, according to a survey of more than 300 property professionals by National Australia Bank.
By law, non-resident foreigners can only buy new homes but Federal Investment Review Board has changed the rules in the last few years with non-resident foreigners being able to buy established properties granted on a case-by-case basis.
Juwai.com, a website that lists homes around the world in Chinese, saw a 266 per cent increase in page views from China of Australian homes between January and August of 2013, according to the latest figures from the company. Australia is the second-most-popular destination for buyers from the mainland after the US, according to Juwai.