Chinese developers & investors bought $A2.4 billion worth of residential development sites in Australia last year, according to Knight Frank research.
Knight Frank’s director of residential research in Australia, Michelle Ciesielski, said in a paper released in January: “This was 9.4% stronger than recorded in the prior year. This trend has been emerging over the past 5 years, while the Australian residential market collectively strengthened throughout 2012 and in 2013, growth in sales turnover encouraged prices to rise for local developers & investors alike. At this time, the $A became very favourable against other currencies for investment into Australia. The Chinese renminbi was no exception.
“Despite overall total sales falling during 2016, and sales to Chinese developers & investors are still 11.2% lower than the market peak recorded in 2014, their influence has grown. In the past 3 years, Chinese developers & investors accounted for over 25% of disclosed total sales each year, with 2016 recording a share of sales as high as 38%.”
Knight Frank, January 2017: The rise of Chinese developers in Australia, full report
Attribution: Knight Frank report.