Chinese buying up big on Coast

THE Gold Coast is tipped to benefit from an influx of cashed-up Chinese buyers turning to Queensland for property.

Foreign families are buying houses to accommodate the unprecedented number of children studying in Queensland on international student visas.

Ahead of the Chinese New Year starting next week, buyers have been in the market for big homes close to good schools.

And the number of Chinese buyers looking to the Sunshine State is set to grow as investors become increasingly nervous about buying real estate in America.

New figures from Chinese property portal Juwai.com reveal more than 33,000 mainland Chinese and Hong Kong students were studying in Queensland in 2018 – up from

1. St Lucia.

2. Indooroopilly.

3. South Brisbane.

4. Sunnybank.

5. Cairns.

6. Benowa.

7. Carindale.

8. Toowong.

9. Southport.

10. Calamvale.

(Source: realestate.com.au, based on online property

searches in 2018)

about 21,000 in 2015. Juwai.com chief executive Carrie Law said there were a number of reasons Chinese would buy in Brisbane and surrounding areas like the Gold Coast this year.

This included strong growth in Chinese wealth, the appeal of solid markets, a lack of other investment opportun- ities and a possible shift in investment from the US due to the trade war. Ms Law said the trade war was making some Chinese investors increasingly nervous about buying real estate in the US.

“Some of those investors may turn to Brisbane, the Gold Coast, and other parts of Queensland as a natural alternative,” Ms Law said.

“Chinese students who turn away from US schools and universities may choose Queensland instead.

“Since a lot of the Chinese real estate buying in Queensland is related to housing students, that would have big spill-over effects on local real estate investment.”

According to latest realestate.com.au data, Benowa and Southport were among the top 10 Queensland suburbs Chinese buyers were searching for property. Ray White Broadbeach agent Sam Guo said there were a number of reasons these were popular.

“I think the prices are more affordable and the facilities like schools (are appealing),” he said.

The Southport School, St Hilda’s School and Benowa State High School were ones Mr Guo said were highly regarded by Chinese buyers.

“Also, it’s easy at Southport for them to have the public transport for their kids to go to Griffith University,” he said.

Amir Mian Prestige agent Nick Zhang explained proximity to schools was their number one priority.

“Chinese buyers think about sending their children to good schools,” he said.

“Southport has got China Town and the transport is very convenient as well.”

He said Hope Island was also a popular suburb as it was Foreign Investment Review Board approved.