Don’t fear the offshore buyers, look closer to home

Sydney Morning Herald

Chinese buyers swooping on top-end homes, and often paying well over reserve to do so, is a popular observation on most weekends. Real estate agents report to Domain that international buyers have been very active in their area. In fact, we were told there were a number of them bidding at a $7 million auction just a few weeks ago. Esther Yong, director of Chinese language real estate website ACproperty.com.au, said about 45 per cent of their traffic is from local Chinese buyers based in Australia, who were also more likely to look at top-end properties. She has observed that some agents are trying to appeal to offshore Chinese buyers, but said they should first concentrate on the local market, which really matters.