By CAMERON LUCADOU-WELLS
REAL estate agents in Greater Dandenong are courting overseas Chinese buyers through a Mandarin website.
The website gifang.com promotes houses, apartments and land in Melbourne, including in the south-east, to a claimed 315 cities in China.
It promotes listings from agents such as Barry Plant, Century 21, Buxton, Fletchers and Hocking Stuart on a Chinese portal and an English version, ourproperties.com.au.
Gifang.com chief executive Michael Yang said buyers based in China had “tons and tons of cash” to invest elsewhere.
He said the Chinese were restricted to one investment property in their home country “to control their own property bubble”. An average home costs between $1 million-$2 million for a 70-year leasehold.
“Most Chinese would dream to live in Australia. They want to move their kids out here to study and live so they might buy three off-the-plan apartments: one for their kid, and rent the other two.”
The sales are subject to Foreign Investment Review Board approval.
The FIRB, under direction of the federal government, rejects sales of established homes, but encourages overseas buyers to invest in new housing stock such as house-and-land packages, farms, vacant blocks and off-the-plan homes.
The board stated in its recent annual report that it approved $176.7billion in real estate proposals in 2010-11.
Barry Plant Noble Park branch manager Chee-Ky Dunlop said a significant number of real estate buyers were Chinese investors – about four of 31 sales last month.
“They tend to be looking for a bargain. But it’s not like they’re out-competing first-home buyers and families. Many are looking for bargains and putting in ridiculously low offers.”
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