People from Hong Kong are attracted to buying property in Australia. There are plenty of reasons for this, including making a solid investment in a stable property market, as well as immigrating to a country that has an established Chinese community. Places in Sydney are especially popular amongst Hong Kong property buyers, where new residents can enjoy what Australia has to offer in beautifully designed homes.
The Australian property market has blossomed over the past couple of years. In fact, it is considered a model for stability. This is because house prices in Australia do not fluctuate nearly as much as other countries. For instance, even when the US saw their house prices dip to 30% of their original values in the Global Financial Crisis, the Australian property market continued to remain relatively stable.
The value of domestic property in Australia is not only stable – it has continued to increase, with experts predicting that there is still more room for growth. As such, it is unsurprising that people from Hong Kong are keen to make their property investments in Australia. In fact, those wealthy investors from Hong Kong help maintain property values in places like Sydney, where the median cost of a home is around $1 million AUD.
Australia is a multicultural society, with around 29% of Australians having been born overseas. While the largest group of immigrants continue to come from England, close behind are Chinese immigrants. As more Chinese people have settled in Australia, they have established strong communities in cities like Sydney. For instance, a few decades ago, a Chinese grocery store would have seemed out of place in the suburb of Hurstville. Today, the influx of Chinese immigrants means that is pretty normal to hear conversations in both Cantonese and Mandarin in that same suburb.
The fact that Australia has a fast-growing Chinese community is particularly appealing for Hong Kong people who are looking to move overseas permanently. For one thing, it means that they do not have to worry too much about feeling isolated. In addition, they can enjoy much of the same cuisine and many of the same hobbies as they did back home.
A significant advantage to moving to Australia, as opposed to other areas of the world, are the relatively short flights from Hong Kong to major cities in Australia. Instead of the lengthy and often cramped flights between Hong Kong and North America, which can easily take anywhere between 12 to 14 hours, flight from Hong Kong to Sydney are usually only 8 to 9 hours. Further, while travelling between Hong Kong and Australia, people can experience the ease of taking an overnight flight, allowing them to sleep on the plane and arrive refreshed the next morning.
There is also a minimal time difference between Hong Kong and Sydney, which allows property buyers to stay in close contact with family members, friends and business associates. As the time difference is only 2 to 3 hours, depending on daylight saving, it is pretty easy to communicate over the phone, through Skype, or even Whatsapp.
A major attraction to buying property in Australia is the Australian lifestyle. The predominant attitude of Australians is the "no worries" carefree outlook on life. The emphasis is on an easy-going lifestyle, where you can focus on friends and family. While that does not mean work is not important, Australians tend to relish the good things in life over stress. Australians also like to pride themselves on being good citizens, offering acts of friendship to everyone from their neighbours to strangers on the street.
Many property buyers from Hong Kong are also leaving the cramped city for clean air and wide, open spaces, which Australia offers in abundance. This passion for nature leads to people enjoying the country's flora and fauna, appreciating the unique landscapes that make Australia truly Australian.
With the increase in wealthy and educated property buyers coming from Hong Kong to Australia, Australian properties could be valued at a premium. Our Founder and Director, Monika Tu, is well-renowned for helping foreign buyers invest in the Australian property market. She has received a number of awards for this, including a Hong Kong Business Association Success Story Award (2014). In order to get the best property sale, contact the Black Diamondz Group to see how we can connect Australian homeowners with international property buyers.
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