Melbourne's Hot Property Market
- Thread starter jingo
- Start date
What interest free loans are you talking about...? Middle class Chinese earn about $3.0k a month in RMB?
As for wealthy, well my friend just bought another place in cash because they run a business that makes cash profits. So not sure what loans we're talking about here.
Anyway when I ask them why they spend millions buying here, they say it's because it's cheap compared to their hometown (something that I can't be bother explaining as I'm sure I have in other posts).
To all those wondering if there's a bubble in China, you really need to go over there and understand what's going on to make a meaningful judgment. There're always people calling a bubble and there are always others saying it's not. I can always find an article saying it's not. Reality is, like buying a property here, if you're not there seeing the price movements, seeing people's income levels change, seeing what's happening to any particualr city etc, how would you know?
Agreed. In fact, forget about fringe suburbs.
You won't even find the Chinese in inner city places like Parkville, East Melbourne, Carlton, North Melbourne, South Melbourne. So what's driving those places? I check out these places every weekend and rarely see Chinese buyers. People always read some sensationslised media article and then generalise, when they really haven't been out there looking. Perhaps reply to me after going to few weeks to auctions at these places?
So the rising house prices in the majority of areas in Melbourne is based purely on media beat-up? I live in Rowville, previously Wheelers Hill (next to Glen Waverley), if you don't think the Chinese community purchase in those areas perhaps you don't get out enough!
P.S. Oh, to jcwc, my IP is in Frankston North, bought it from Chinese. It was vacant for 2 years.
So the rising house prices in the majority of areas in Melbourne is based purely on media beat-up? I live in Rowville, previously Wheelers Hill (next to Glen Waverley), if you don't think the Chinese community purchase in those areas perhaps you don't get out enough!
P.S. Oh, to jcwc, my IP is in Frankston North, bought it from Chinese. It was vacant for 2 years.
Are we talking about the same sort of Chinese ...? Local Chinese are actually Australians even though some might not like to think that.
Why don't you come to some auctions in Carlton next week and count how many Chinese you can see? Not sure if you can tell the difference between local Chinese or 'China Chinese' because I hardly ever see any of the latter at suburbs I mentioned. Last time I went to auctions I see a lot of Vikings / Celts / Romans people bidding up the prices. Oh wait, sorry, they're Australians. Sorry the whiteness is confusing.
You and your labels, this political correctness is why people generalise about Australia being a racist country. I can generalise too and say white Australians have never been racist, our policies have allowed immigrants of all backgrounds into the country for more than a century (as early as the gold rush for Chinese immigrants). What about the other way around? How accommodating are other countries to allowing white Australians onto their shores?
Please calm down, I was not trying to be offensive or racist.
Haha what you talking about...?
All I'm trying to say is this. People on this thread are complaining about 'foreign buyers' pushing the market up (especially Chinese). Some of you then cited some anecdotes about how Chinese are buying in outer suburbs.
All I'm asking is, are these really 'foreign' Chinese or local Chinese? Because if they are local, it's the same as any other Australian buying and therefore the market is not being pushed up by the relaxation of FIRB approvals.
So are these Chinese buyers you saw local or foreign? Because if you're not sure, your post is really misleading since it suggests that 'foreign Chinese' are also buying in Rowville. My experience has been they've been buying in blue chip eastern suburbs and haven't touched inner city hot spots like Carlton, so I'm surprised they've gone to Rowville or whatever it's called. Not sure if you get what I mean... or whether your defensive antennas have gone up and you can't see past them.
Haha what you talking about...?
All I'm trying to say is this. People on this thread are complaining about 'foreign buyers' pushing the market up (especially Chinese). Some of you then cited some anecdotes about how Chinese are buying in outer suburbs.
All I'm asking is, are these really 'foreign' Chinese or local Chinese? Because if they are local, it's the same as any other Australian buying and therefore the market is not being pushed up by the relaxation of FIRB approvals.
So are these Chinese buyers you saw local or foreign? Because if you're not sure, your post is really misleading since it suggests that 'foreign Chinese' are also buying in Rowville. My experience has been they've been buying in blue chip eastern suburbs and haven't touched inner city hot spots like Carlton, so I'm surprised they've gone to Rowville or whatever it's called. Not sure if you get what I mean... or whether your defensive antennas have gone up and you can't see past them.
Apologies for the rant, I get my back up when I get a hint of people calling Australia a racist country.
I've taken the assumption they were overseas investors in FN based purely from the fact that they were not tenanting the property - I've no proof to support the claim they're foreign investors. As for Rowville, they are possibly Australian residents but I couldn't guess either way. Generally properties in Rowville do not go to auction and so it could be parents purchasing for their children or it could just be parents helping their children make a sound purchase.
Yep same observations. Blue-ribbon eastern suburbs seem to be where they are, not north/west/inner city. Maybe bayside? But not that big a market too.
I guess they like Balwyn because of Balwyn High School. There are more and more asian in Glen Waverley as well, because of the school there.
I think to some degree. It is also bordering the private school belt of Kew and there is a constant flow of new or close to new 2 storey houses on the market (which seems to be mainly what they like), plus lots of other houses that could be easily knocked down.
Speaking to local agents in the Essendon area, they're having an effect here and in Strathmore. Sometimes offering 15-20% above advertised price prior to auction.
That fits with the theory about them buying around quality schools and I should say is fairly restricted to those two suburbs plus maybe Aberfeldie but that's really just Essendon by the river
That fits with the theory about them buying around quality schools and I should say is fairly restricted to those two suburbs plus maybe Aberfeldie but that's really just Essendon by the river
The same goes for Doncaster and Doncaster East due to the good schools. As a result, Doncaster and Doncaster East High Schools have now been zoned. Can't remember the last time I saw a non Asian person by a home at auction in these area's. And the prices being paid are ridiculous! They love good schools alright, because it's all about having an education to the Asian people.
I've never heard of either school being seen as particularly good before?
I agree that not many chinese buyers in the inner suburbs. My take on that is that Chinese like brick houses with lots of room. Old small weatherboards not their gig. I say this with all sriousness.
But these areas are benefitting from the chinese interest in other areas. It pushes up all the other suburbs. Northcote for example is very waspy (even the italians have moved out). Not a great ethnic mix which i think is to its detriment.
But these areas are benefitting from the chinese interest in other areas. It pushes up all the other suburbs. Northcote for example is very waspy (even the italians have moved out). Not a great ethnic mix which i think is to its detriment.
Very true, the added buying pushes all the surrounding stuff up, even if the Chinese wouldn't normally be interested in those homes.
Yep, but it also means locals are adjusting their price expectations so it's not like they're being priced out by foreigners
http://www.realestate.com.au/property-apartment-vic-box+hill-106404130?tm=1270863583&c=57053534
This 2 bed gone for $461K in Auction today and buyers were (surprisingly) not Asians (in Box Hill)
This 2 bed gone for $461K in Auction today and buyers were (surprisingly) not Asians (in Box Hill)
2 bed unit in box hill sold today
http://www.realestate.com.au/proper...el+jones+box+hill/xfnbox/homes+for+sale/page1
this unit sold at auction today for $560,500. mix of people attended the auction. probably investors, and local neighbours and first home buyers ,
not sure who bought it, it appeared to have been a buyers advocate/friend who was the winning bidder,,,but he(youngish man) may have been buying it for himself,
I honestly think that the purchasing power of most potential buyers in this
2 bed unit/flat range cant go much higher...only people(investors) with lots of capital and/or borrowing power can buy in this type of area, for this type/age of property for lots more $, but they wont have to pay lots more if owner/occupiers haVE reachED their limit...*.my 41 cents worth.*..
http://www.realestate.com.au/proper...el+jones+box+hill/xfnbox/homes+for+sale/page1
this unit sold at auction today for $560,500. mix of people attended the auction. probably investors, and local neighbours and first home buyers ,
not sure who bought it, it appeared to have been a buyers advocate/friend who was the winning bidder,,,but he(youngish man) may have been buying it for himself,
I honestly think that the purchasing power of most potential buyers in this
2 bed unit/flat range cant go much higher...only people(investors) with lots of capital and/or borrowing power can buy in this type of area, for this type/age of property for lots more $, but they wont have to pay lots more if owner/occupiers haVE reachED their limit...*.my 41 cents worth.*..
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