Chinese New Year boost for north shore

Chinese New Year boost for north shore

The north shore’s property market is set for a boost in February thanks to Chinese New Year celebrations.

Local agents are fielding inquires from Chinese tourists due to visit Australia and keen to snap up homes.

Chinese New Year, which begins on February 5, is traditionally one of the most popular periods of the year for Chinese buyers to visit Australia in search of their dream home.

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Black Diamondz Property Concierge principal Monika Tu is currently in China meeting with a group of buyers she is preparing to bring out during the upcoming celebrations. She says proximity to good schools is “number one” on their wishlist.

“Those wanting to buy on the north shore are only after homes close to good schools. Suburbs in demand are Wahroonga, Killara and Lindfield,” she told the Times.

One home she is hoping to sell over the celebration is 56A Telegraph Rd, Pymble. The home, which has six bedrooms, six bathrooms and sits on 2746 sqm, is expected to be one of Pymble’s highest record sales ever when it sells.

For Chinese buyers after the views of the iconic Sydney Harbour, Mosman is one suburb at the top of their wishlist.

Belle Property Mosman China specialist Bo Zhang is another agent gearing up for a busy Chinese New Year. He said Chinese buyers are only after the finest homes.

“They want views, so in Mosman they are attracted to areas such as Beauty Point or the Golden Mile,” he said.

“Chinese buyers are also really interested in modern homes or properties that can be demolished.”

Homes that typically capture their attention on the lower north shore are priced anywhere from $5 million to $12 million.

Chinese buyers will be hoping to take advantage of the changing market.

“The Chinese love a bargain and are showing interest with the weaker Australian dollar,” Ms Tu said.

This optimism comes as a new report out of China shows that many Chinese buyers are keen to grab a bargain in the soft Australian market.

The ‘Australia 2019 Outlook for Chinese Residential Real Estate Buying’ by Chinese international property portal says “desires to get a bargain while the market is soft” is the biggest attraction to Australia.

It also lists a lack of investment opportunities at home in China and a possible shift in investment from the US to Australia due to the trade war as other motivates for Chinese buyers looking to Australia.


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