Chinese plunge no problem

THE number of Chinese buyers hitting the Coast dropped by 80 per cent in one month, according to Ray White Surfers Paradise Group CEO Andrew Bell.

But it hasn’t hindered the bottom line with winter sales growing.

Mr Bell said the changes to the foreign investment framework had “significantly impacted” the market.

“Last financial year 300 properties were bought by Chinese buyers on the Gold Coast but this year we barely managed to sell 25 properties to Chinese buyers,” Mr Bell said.

“That number has dramatically dropped because of the FIRB restrictions and there is no question that the restrictions have effected sales.”

In the 2017-2018 Budget, the Australian Government announced several changes regarding the foreign investment framework.

Mr Bell said the Gold Coast market was still strong. Mr Bell’s office made $137 million in property sales this July compared to $100 million last July.

“Those sales were made without any help from Chinese buyers and they were across the market place spectrum from luxury to first-home buyers,” he said. “The Chinese buyers were a nice addition but the Gold Coast doesn’t depend on them and southern investors are filling the space of the Chinese.”