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1 year ago
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Cashed-up Chinese buyers are taking private jets to Melbourne to purchase luxury mansions in the city's most expensive suburb, an Australian buyer's agent reveals.
Buyer's agent and property developer Alex Bragilevsky says 90 per cent of his buyers now come from China.
In the last six months ,the buyer's agent has facilitated a whopping $135 million in real estate deals - and all were Chinese buyers.
Mr Bragilevsky said some of the international buyers arrive in Melbourne on a private jet and will pay over asking for a luxury home they want.
Buyer's agent and property developer Alex Bragilevsky in Melbourne's affluent suburb of Toorak (pictured) said 90 per cent of his clientele are Chinese buyers
One sale facilitated by Mr Bragilevsky was a 1930s mansion on Ottawa Road sold to Chinese buyer Xin Zhang for $21.5million (pictured)
'They come to Melbourne on a private jet, and I'll meet them at the airport with a nice car. Then we go out and look at real estate,' he said the Australian Financial Review.
He added that the 'Chinese will pay over the odds for single dwellings,' in the neighbourhood as it secures them a family home located near prestigious schools for their children.
One sale facilitated by Mr Bragilevsky was a 1930s mansion on Ottawa Road sold to Chinese buyer Xin Zhang for $21.5million.
He also sold a modern mansion earlier in the year to Chinese client and chief executive of UK-based clothing manufacturer Yunhan Jin Du.
The mansion, located on Whernside Avenue, set a record price for the street after it was sold for $33.5 million.
Mr Bragilevsky (pictured) said foreign clients arrive on private jets to Melbourne and are willing to pay over asking for a luxury home
Mr Bragilevsky said his Chinese clients typically write cheques or deposit money on the spot to purchase a home, while about 10-15 buyers pay cash for a luxury home.
Foreign buyers are playing an increasingly important role in the country's housing market, according to NAB's latest quarterly Australian Residential Property survey.
The data showed foreign shares have increased for the fourth straight quarter and now account for 10 per cent of the market - marking a five year high.
Chinese buyers made up the greatest proportion of foreign investors, with some figures suggesting they spend on average $8 million a day.
Treasury figures showed, China was the largest source of investment in Australian residential real estate from January 2022 to March 2023.
During those nine months alone, Chinese investors spent $2.3billion, which would equate to $8.4million a day, snapping up 1,775 properties.
After China, the largest sources of residential investment were from Hong Kong and Vietnam - both with $400million.
India, where Anthony Albanese is now trying to attract investment, is in sixth place.
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