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Chinese Buyers Put Perth High on Property Hit List
Brief:Affordablity and the lifestyle on offer in Perth are attracting increased interest from Chinese buyers.
Affordablity and the lifestyle on offer in Perth are attracting increased interest from Chinese buyers, according to figures from a property group.
The number of potential Chinese buyers searching for property in Perth has increased in first half of this year and Chinese property portals have also recorded swings to WA’s capital city.
In the first six months of 2016, there were more than 3450 searches, an 11.6 per cent increase.
The group's chief economist Nerida Conisbee said the focus on Perth by Chinese buyers was bucking the national trend of reducing interest from Asia.
Ms Conisbee attributed the swing west to falling Perth prices, lifestyle factors and no added taxes on overseas deals.
“Chinese people are becoming more educated about Australian markets and after initially looking at Melbourne and Sydney, they are looking more broadly,” she said.
“Perth is so different to most Chinese cities and there are jobs, fresh air, nice weather and schools.”
Ms Conisbee said while apartments were popular with Chinese investors, particularly those close to the city and universities, Perth’s house-and-land packages were attracting strong interest.
Brent Compton, staff in a property agent, said one in five properties he’d sold recently was to a Chinese buyer.
“I feel the Melbourne and Sydney markets are in many Chinese buyers’ minds over inflated or too hot at the moment,” Mr Compton said. “By comparison, Perth has never been as good value as it has been for the past four years.
“The inner city is a rapidly increasing lifestyle location and you get more bang for your buck.
“Perth is one of the best places to live in the world and most Asian people see it for what it is, a sanctuary.
“It’s on the same time zone as some Asian countries and we are a trade partner.”
Mr Compton said 80 per cent of his Asian sales were to owner-occupiers.
“The majority of deals are done on apartments and a majority of those are on brand new or two to three years old,” he said.
“The newer buildings are more attractive.
“A lot of the buyers live in newer properties themselves and are used to river views, strata titles and concierges, and so look for the same here.”

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