Australia draws mainland, Hong Kong homebuyers on the back of stable policies, economy



The luxury property segment of the world’s sixth-largest country is also expected to see increased interest from affluent investors looking for cost-efficient safe havens amid changes in the immigration and residency requirements of the US and the UK, among other jurisdictions.

“For many years, Australia has been a desirable destination for Hong Kong and mainland Chinese buyers and investors,” said Freya Watson, head of residential project sales at JLL Australia. “With geopolitical challenges, Australia offers an international lifestyle that is transparent and open to investment and migrants. We can only see this demand increasing over the next few years.”

She added that offshore buyers “are drawn to Australia for its world-class education, desirable lifestyle and of course, the business opportunities”.

In the three-year period from July 2021 to June 2024, foreign holdings of Australian residential land surged 48 per cent to 6,265 parcels, according to the latest official data by the Australian Taxation Office. Residential land covers vacant lots, those with existing dwellings and areas with new accommodation.

The figures appear to reflect investors’ view of Australian housing as a prime value-for-money option amid higher taxes in the UK, uncontrolled immigration in Europe, the war in Ukraine and concerns about the policies of the current US administration.
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