Fly-in fly-out Chinese buyers snap up multi-million dollar prestigious homes in a 24-hour spending spree as the Australian property market crumbles
- Chinese buyers are flying into Australia especially to inspect homes and buy
- Around $12 million was spent on property from Chinese buyers in just 24 hours
- Rise in international buyers due to slumping house prices and dollar conversion
Fly-in, fly-out Chinese buyers are taking full advantage of plummeting house prices in Australia, spending $12 million on property in just 24 hours.
The houses, all located in Melbourne's affluent inner-city suburb of Kew, were snapped up by buyers keen to take advantage of the property slump and a favourable exchange rate between the Australian Dollar and Chinese Yuan.
In one instance, a Chinese buyer flew in from Macau in the morning and inspected and bought two neighbouring properties on Burke Rd for $7million before flying back out early the following day.
Chinese buyer based in Macau purchased the 1209 Burke Rd, Kew, (pictured) property and in its neighbouring house for $7 million this week
The buyer flew in on the morning, inspecting the property before making the two-home deal and flew back out the following morning at 1.30am (pictured 1209 Burke Rd)
Kay and Burton Hawthorn's Rebecca Edwards was surprised by the sales, who said the Chinese New Year often brought a lot of talk and little action, Realestate.com.au reported.
However, due to the current slump in housing prices, Australia is now seen as a 'safe haven' by the Chinese and they're jumping back into the market in rapid numbers, she said.
Properties 1207 and 1209 Burke Rd were scheduled to go to auction this weekend but their owners decided to take the early offer made by the Chinese buyers to avoid any uncertainty.
The buyers plan to relocate to Australia in around a year as they have children enrolled in the local Kew private school.
The home dates back almost a century and includes a modernized kitchen and swimming pool (pictured 1209 Burke Rd)
The prestigious two-storey home also features four bedrooms, three bathrooms and a king-sized living room with a fireplace (pictured 1209 Burke Rd)
Another home on Wimba Ave, Kew, was also sold to a buyer who lives in mainland China and flew in to Australia especially to inspect the home, which sold for about $5million.
Some Chinese buyers are able to purchase properties as they have permanent residency in Australia, but many are living overseas.
It's also reported that buyers with temporary residency are working around being denied home loan by making multi-million dollar offers in cash.
Chinese buyers are increasingly turning to Melbourne for their potential new home as with more than half of their searches being conducted in the Victorian capital.
Prosperous suburbs such as Glen Waverley and Box Hill are among the most sought after.
Chinese buyers are flocking to Melbourne to snap up property during the current slump in housing prices with more than half of their searches in Australia being conducted in the major city (stock image)
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