Million-dollar sales force up property prices
By Peter Familari
October 08, 2009 12:01am
FORGET the "for sale" sign, the new catch-cry in Melbourne's leafy suburbs is "duoshao qian".
Victoria's top real estate agents have begun hiring Mandarin-speaking salesmen to cash in on the property boom.
Translated, "duoshao qian" means "how much"? And it's a question being asked more than ever before, The Herald Sun reports.
Leading agents say more than 30 per cent of their stock is bought by families from mainland China.
"This calendar year 34 per cent of our sales went to mainly Chinese buyers compared to 15 per cent last year. We're up 125 per cent overall," Jellis Craig director Scott Patterson said.
"Demand is so strong we've got two native speaker agents starting next week."
Some agents say the boom grew when the Federal Government eased foreign investment rules on property last year.
"There's been an incredible surge from Chinese buyers since the rules for foreign ownership of real estate were relaxed by the Government to allow foreign citizens to buy established homes worth more than $300,000," buyers' advocate Mal James said.
"You could say that's the key driver and single reason for the property boom in Victoria especially for homes in the $1 million-$4 million range and it's also the catalyst for so many Chinese buyers."
Mr James says his clients are facing competition from cashed-up Chinese buyers, especially in Kew, Canterbury and Balwyn. There is also Asian interest in Toorak, Malvern and East Malvern.
He says the Chinese are attracted by areas with quality private schools.
The Asian buying spree is pushing up prices and adding to the housing shortage.
"There's no doubt it's adding about 15 per cent to prices and creating a shortage because the buyers are not selling out of an existing home," Mr Patterson said.
Australia permitted 4015 foreign investors to buy homes worth an estimated $2.97 billion in 2007-08, Foreign Investment Review Board research shows.
Victoria had the highest approvals of any state, soaring to 2238 last year, almost double that of the year before. A rise is expected for 2009.
Former plastic surgeon and financial planner Jin Shang will be Jellis Craig's first Mandarin-speaking agent from next week, and he can't wait.
"China is the world's strongest economy and Australia's major trading partner," he said.
"Chinese want residential properties here because they feel comfortable in Australia's multicultural environment and they know it has one of the world's best education systems."
Original article
This is how modern Australia, the "knowledge nation," makes a buck these days - selling its houses, along with its residency rights, to Chinese colonists err... investors.
"Chinese want residential properties here because they feel comfortable in Australia's multicultural environment and they know it has one of the world's best education systems."
So, the Chinese are not coming because they have any interest in the institutions, people, culture or traditions of Australia. No, they are coming because they want more comfort, better education services (courtesy of the Australian taxpayer), and a "multicultural environment" that allows them to surround themselves with fellow Chinese so that they never have to integrate into wider Australian society.
The Australian government, acting on behalf of its mates in the real estate industry, is effectively inviting foreign populations to move in and colonise parts of the country.
And, once again, Australians are forced to carry the costs. They have to compete with rich foreigners for housing in a country already facing a chronic housing shortage. They have to pay their taxes just so that wealthy Chinese can simply move in and make use of Australia's public services and infrastructure. They have to tolerate the creation of foreign enclaves within their cities, knowing that any objection, no matter how slight or reasonable, will result in them being labelled "xenophobic" and "racist."
This is the reality of life in modern Australia, a big piece of real estate up for sale to the highest bidder.
