A Chinese buyer has paid more than $10 million for a waterfront home on Sydney’s North Shore, making it one of Mosman’s highest prices for the year.
Chinese buyers will drive Sydney’s prestige property market in 2014, selling agent and Belle Property principal Tim Foote said.
“About 30 to 40 per cent of Mosman sales above $3 million this year have been to Chinese buyers,” he said.
Mr Foote said the asking price for the Carrington Avenue house was between $10 million and $12 million and the offer was “well within that region”.
The vendors built the five-bedroom, four-bathroom home in 1983. It includes the high-end features highly sought after in the prestige market – a broad, deepwater frontage with pontoon, boatshed, wet-edged pool, a theatre and a cellar with wine tasting room.
“We had three offers. The other two were from another Chinese buyer and a local family,” Mr Foote said. The buyers, who have Australian residency, own an industrial business based in mainland China and Hong Kong.
“We had 35 groups inspect the property . . . and we had 20 separate enquiries from overseas buyers – mostly Chinese.”
Extraordinary price growth in a range of up-and-coming suburbs in Melbourne's east has been attributed to Chinese families' focus on desirable homes near prestige schools. And some are pushing up values by knocking down existing homes to build grand new ones.
Figures from the Real Estate Institute of Victoria show 45.8 per cent growth in Balwyn; 22.2 per cent growth in Balwyn North and 23 per cent growth for Mount Waverley in the past year.
LJ Hooker Glen Waverley agent Joseph Ngo said his agency had made 35 sales totalling more than $20 million in the past six months, with 90 per cent of his clientele Chinese. Sixty per cent of those sales were to overseas Chinese investors, he said, with 30 per cent local Chinese-born buyers.
“They're buying a lot of the properties unconditional - $100,000 to $200,000 over market price is not a problem for these buyers,” he said.
Joe Tan, who is of Chinese-Malaysian descent and migrated to Australia eight years to study engineering, has just paid $1,255,000 for a three-bedroom home in Lincoln Avenue in Glen Waverley,
Now a property developer, he and his fiance Elsie fought off several other Chinese-born buyers to purchase the home because it fell in the catchment area for the prestigious Glen Waverley Secondary College.
Kew, Canterbury and North Balwyn are also on the radar for Chinese families who look to purchase in areas that boast prestigious state and private schools.
According to Juwai.com, a Chinese international property website that attracts 1.5 million unique visitors a month, 41 per cent of Chinese property buyers who made an inquiry in July identified education as their prime motivation for purchase.
Chinese language property website Gifang.com chief executive, Michael Yang, said Chinese parents see prestigious schools, quality education as a top priority.
China’s love affair with Mosman continued this week with a waterfront trophy home selling for more than $10 million.
The five-bedroom house at 35 Carrington Avenue, with it’s own private jetty and expansive views across Quakers Hat Bay and Middle Harbour, sold to a mainland Chinese buyer on Wednesday night for an undisclosed price .
Selling agent Tim Foote of Belle Property Mosman said the property had been marketed both locally and abroad with a price guide of $10-$12 million.
The sale price was “well within that range”, said Mr Foote.
‘‘We had three offers – the other two were from another Chinese buyer and a local family.”
As revealed by Fairfax Media, this year buyers from mainland China have accounted for well over $50 million worth of high end property transactions in Mosman alone.
Mosman’s top sale this year was set by Chinese buyer who spent almost $14 million for a waterfront property on Julian Street.
Mr Foote said that 30-40 per cent of Mosman sales above $3 million this year have been to Chinese buyers. ‘‘With the dollar now on its way down, local real estate is also becoming cheaper – by about 15 per cent over the past few months alone,” he said.
are these not foreigners purchasing existing properties ?
and i know regarding one of these sales in particular there is no intent to redevelop...
They buy whatever they fuck they want. Just send a relo over to "study", and they can buy anything.
stinkbug omosessuale Frank Castle is a liar and a criminal. He will often deliberately take people out of context and use straw man arguments. Frank finally and unintentionally gives it up and admits he got where he is, primarily via dumb luck! See here Property will be 50-70% off by 2016.
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