Among the states and territories in Australia, Melbourne was said to be the only capital city with falling house prices, causing an uproar.
Australian media reported that Melbourne's house prices fell (picture source: Internet)
However, a number of potential Chinese home buyers said, "The Chinese area has not fallen at all." They said that they participated in the auction with the heart of picking up leaks, but they were "taught a lesson".
Housing prices in the Chinese area have risen almost across the board, far exceeding the average price of $500,000 in Melbourne.
*"I wanted to pick up a leak, but I was taught a lesson"*
Ms. Zhang (not her real name), who plans to buy a suburban detached house, said, "The news keeps saying that Melbourne has fallen, so I am a little excited." ”
In the past two months, she has been looking around for a while, but she has always returned with a feather.
In her opinion, "the Chinese area has not fallen at all. This month, Ms. Zhang kept an eye out for a property in Glen Iris (3,172), hoping to win the auction.
"This house leaves a lot to be desired, and I thought no one could afford it." However, the auction scene last Saturday (22nd) shocked her intuition,
The house started at $1.8 million, with the main bidders being Chinese and Indians, and after several rounds of bidding, the former finally won it for $2.42 million, a full $620,000 increase from the reserve price.
She said helplessly, "I wanted to pick up a leak, but I was taught a lesson." ”
She said friends were also looking at properties with a budget of $1.2 million and were planning to buy them at Doncaster East (11,748) or Glen Waverley (16,188). ”
Auction property (Image source: Internet)
A number of Chinese who are interested in buying a house, they prefer a detached house, they want to be located in a Chinese area, the renovation or renovation period is not more than 15 years, and the land area is 500 to 650 square meters.
They all said that properties that meet all of these requirements are priced at least $1.3 million or more.
Data released by Domain as of March 2024 shows that the median price of a detached house in Melbourne is $1,032,020, down 1.5% in the past year.
*The Chinese area rose against the trend, with the highest increase of more than 15%*
According to the 2021 Census data of the Australian Federal Bureau of Statistics, a total of 17 urban districts in Melbourne can be regarded as "Chinese areas", based on the standard that the Chinese population ranks first in urban areas and the number exceeds 3,000.
We combed through the transaction data of detached houses in the Chinese area within a year, and found that the average price was about $1.55 million, more than $500,000 higher than the average price in Melbourne, with an annual increase of about 5.6% and a five-year increase of about 23.7%.
Median price of a detached house (data source: Domain) Among them, Balwyn (4,640) ranked first in the median price with $2.93 million, followed by adjacent Balwyn North (6,810) with $2.38 million, and the third place was won by Glen Waverley, the "center of the universe" with about $1.66 million.
过去一年 华人区涨幅榜首位为Wantirna South(5,5 952), 劲涨了15.2%, Balwyn则以涨幅9.7%位列第三。
Calton (3,964) was the only Chinese district to see a decline in home prices, but only by 5%.
Looking at the rise and fall of house prices over five years, Wheelers Hill (5,122) ranked first with a whopping 43.6% increase, while Glen Waverley came in seventh with a 32.1% increase. Only three Chinese districts fell slightly in five years, and Box Hill unexpectedly fell 0.9%.
*Overseas investment in Australian homes, Chinese capital ranks first*
We also found that China still leads the way in terms of property investment data from overseas buyers.
The latest overseas investment data released by the Australian government for the fourth quarter of last year shows that in terms of real estate investment, China (mainland) ranked first with $800 million, followed by Hong Kong ($100 million), India ($100 million) and Vietnam ($100 million).
In the six months from July to December last year, China led the way with $1.5 billion in property investment. However, compared to $3.4 billion in FY2022-23, total property investment is likely to be lower in the current financial year.
In the 2022-23 financial year, foreign buyers spent a total of $4.9 billion to buy 5,360 Australian homes, a 27% surge from the previous financial year, according to the Australian National Taxation Office (ATO) report on foreign buyers' home purchases.
Transactions of overseas buyers in 2022-2023 (Image source: Internet)
Among the states and territories, Victoria is the most favoured, with 2,240 properties sold to overseas investors; Queensland (1,121 units) ranked second in terms of transaction volume, followed by NSW and South Australia.