Wealthy Chinese buyers are looking to Australia's weakening property market for bargains, and are favouring Melbourne over Sydney, according to property portal Australia 2019 Outlook for Chinese Residential Real Estate Buying's Juwai.com report. However, Chinese nationals face barriers to buying property in Australia, such as Chinese government-imposed restrictions on the movement of money, Australia’s foreign buyer taxes and the difficulty in obtaining finance in the country.
Wealthy Chinese buyers are looking to Australia's weakening property market for bargains, and are favouring Melbourne over Sydney, according to property portal Juwai.com's Australia 2019 Outlook for Chinese Residential Real Estate Buying report. However, Chinese nationals face barriers to buying property in Australia, such as Chinese government-imposed restrictions on the movement of money, Australia’s foreign buyer taxes and the difficulty in obtaining finance in the country.