Local properties striking a chord with Chinese
CHINESE investment in Geelong’s property market is increasing as buyers look for the region’s affordability compared with Melbourne and the strong local economy.
But the region’s quality schools and gaining international status for Avalon Airport have also attracted the Chinese community’s attention to Geelong property.
Carrie Law, chief executive of Chinese international real estate website Juwai.com, said Geelong was one of the most popular destinations in Victoria for Chinese buyers, outside of metropolitan Melbourne.
“Buying trends suggest Geelong will see an increasing number of transactions with Chinese-speaking buyers between now and 2020,” she said.
“Geelong has great educational institutions, a vibrant and diverse economy, affordable prices, and the airport.”
Hayeswinckle, Highton agent Yan Lin said she had dealt with several Chinese buyers from Melbourne look- ing for investment properties across Geelong.
“They are looking for big blocks and preferably a brick house as they consider them more solid than weatherboard,” Ms Lin said.
“They are also looking for a rental return of 4 per cent to 6 per cent and mainly in Norlane, Corio and Grovedale.”
However, there are also Chinese buyers looking for permanent residences.
Ms Lin recently helped Emma Yang and Jack Liang buy a Grovedale home for $445,000.
The couple have been running a business in Leopold for two years and wanted to buy their first home.
“They were tossing up between buying in Leopold on a smaller block or in Grovedale on a large block … they chose the big block of 697sq m,” Ms Lin said.
She said the number of Chinese buyers in Geelong had definitely increased in the past year.