Chinese buyers comprised most of the foreign buyers that acquired between 25% and 45% of new homes in Queensland in the 2015-2016 financial year, according to ANZ Bank’s research.
The transactions may have contributed to an increase in Brisbane home prices during the third quarter of 2017. The Australian Bureau of Statistics’ Residential Property Price Index showed that single-family home values in the city rose 4.2% over the three-month period.
The ANZ research estimated that overseas buyers acquired between 11,000 and 18,000 new or old homes in Queensland. Daniel Gradwell, ANZ senior economist, said that Chinese buyers mainly drove the five-fold increase in foreign investment activity in the last five years.
However, the research may not have considered the recent ban by the Chinese government that restricts investments in offshore real estate, according to Antonia Mercorella, Real Estate Institute of Queensland CEO. This led Mercorella to doubt the accuracy of the bank’s research. Despite this, Gradwell believes that demand from foreign buyers has helped Australia to transition into the housing construction industry away from the mining sector.
Residential property prices in Brisbane rose 0.7% during the third quarter of 2017, according to the ABS’ RPPI. Those who plan to sell their home may not be impressed with the increase, although home improvements may help if you seek the highest possible asking price for your asset.
You may choose your preferred kind of renovation from different construction companies, including Stratco. Patios for Brisbane homes are only some of the services you can consider. Even if your home is not relatively new, a good remodelling will likely attract more interested buyers.
Foreigners realise the profitability of investing in Australian homes based on the ANZ research. For sellers, it pays to analyse the trends in your local market before planning to put your home for sale.