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Deep-pocketed Chinese buyers are taking private jets to Melbourne to buy luxury homes in the city’s most expensive suburb, an Australian buying agent reveals.
Buyer’s agent and real estate developer Alex Bragilevsky says 90 percent of his buyers now come from China.
Over the past six months, the buyer’s agent has facilitated real estate transactions worth a whopping $135 million – and all of them were to Chinese buyers.
Mr Bragilevsky said some of the international buyers arrive in Melbourne on a private jet and will pay to apply for the luxury home they want.
Buyer’s agent and property developer Alex Bragilevsky, from Toorak, an affluent Melbourne suburb (pictured), said 90 per cent of his clientele were Chinese buyers.
One sale facilitated by Mr Bragilevsky was of a 1930s mansion on Ottawa Road sold to Chinese buyer Xin Zhang for $21.5 million (pictured).
“They’re coming to Melbourne on a private jet and I’ll be waiting for them at the airport with a nice car. Then we look at real estate,” he said. Australian Financial Review.
He added that “the Chinese will pay more for individual housing” in the area, because it guarantees them a family home located near prestigious schools for their children.
One sale facilitated by Mr. Bragilevsky was of a 1930s mansion on Ottawa Road sold to Chinese buyer Xin Zhang for $21.5 million.
He also sold a modern mansion earlier this year to Chinese client and managing director of the UK-based clothing maker, Yunhan Jin Du.
The mansion, located on Whernside Avenue, set a street record price after selling for $33.5 million.
Mr Bragilevsky (pictured) said overseas clients are arriving on private jets to Melbourne and are willing to pay more to request a luxury home.
Mr. Bragilevsky said his Chinese clients typically write checks or deposit cash onsite to buy a home, while about 10 to 15 buyers pay cash for a luxury home.
Overseas buyers are playing an increasingly important role in the country’s property market, according to NAB’s latest quarterly survey of Australian residential property.
Data shows foreign stocks rose for the fourth consecutive quarter and now account for 10 percent of the market, marking a five-year high.
Chinese buyers made up the largest proportion of foreign investors, with some figures suggesting they spend an average of $8 million a day.
Treasury figures show China was the largest source of investment in Australian residential property from January 2022 to March 2023.
In those nine months alone, Chinese investors spent $2.3 billion, which would equate to $8.4 million per day, to acquire 1,775 properties.
After China, the main sources of residential investment came from Hong Kong and Vietnam, with $400 million in both.
India, where Anthony Albanese is now trying to attract investments, is in sixth place.