ChineseinvestmentinAustralianpropertytoundergo6-monthdrop-off:Expert -Business-Chinadaily.com.cn

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Xinhua | Updated:2017-07-11 11:01MELBOURNE — Chinese demand for Australian property has been tipped on Tuesday to undergo a temporary downturn.Jon Ellis, chief executive officer (CEO) and founder of real estate company Investorist, said that recently introduced stamp duty concessions and tightened bank lending would cause the drop in Chinese investment in Melbourne real estate.A report compiled by Investorist, titled “China 2017 International Property Outlook,” polled 120 Chinese real estate agents, and 83 of whom said they had sold property in Australia in the last 12 months.However, only 47 of those said that they would sell in Australia in the next 12 months.Ellis said Melbourne would be “hit hardest” of all Australian cities after concessions for buyers who purchased property off-plan were abolished but expected it would bounce back and again become the most popular city.”The number one reason for Chinese buyers coming to Australia is education and Victoria still has some of the countrys finest education institutions, University of Melbourne and Monash University are both held in extremely high regard offshore,” Ellis told Australian media on Tuesday.”The second reason is actually migration… I think Victoria stacks up very well from an education perspective and its the most liveable city in the world.”A couple of percent on tax wont change that over the long term, what it does is create a level of uncertainty in the eyes of the purchaser and their perceived value for money in relation to other cities.”He said that globally, Melbournes biggest competitors for Chinese investment were Manchester in Britain and Miami in the United States.Once the downturn stops and investment bounces back, Ellis predicted that the gap between Melbourne and Sydney as the most popular city for Chinese buyers would widen.Related StoriesThe China-UK property connectNo let-up seen in HK property rally as tempo staysBanking regulator vows to curb property bubblesHuayuan Property, Joy City partner up for new mall collaborationChinas richest man loses up to $29.4m in Spain property dealPhotoRobots, VR take spotlight at electronics expo in BeijingTop 10 global banksChinas largest robot expo amazes in ShanghaiShanghai father makes 100 dresses for daughterTop 5 places to get your Masters of Finance in ChinaBaidu chief takes spin in a self-driving carMost Viewed in 24 HoursState Council NewsPremier encourages farmers to innovateExperts and entrepreneurs hail China’s economy in H1Top 10Top 10 cities with most shared bike ridersEditors picksSunac to buy Wanda projects for $9.3bCOSCO Shipping to buy OOIL for $6.3 billionChina DataThings you should know about 2017 Summer DavosQ&A With CEOSeed of successDedicated follower of fashionSpecial2017 Summer DavosChinas Q1 economic dataBACK TO THE TOPHOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELWATCHTHISSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperMOBILECopyright 1995 -var oTime = new Date();
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