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Luxe Listings Sydney star and leading real estate agent Monica says demand for luxury homes has never been higher.
Exit the rabbit and enter the dragon.
Coupled with the recent rise in international demand, the stars of the real estate world have come together to make this a year to watch in line with the Chinese zodiac. Buyers who have saved up cash are heading into the Lunar New Year with extremely deep pockets of up to $100 million each.
And while these ultra-high-net-worth individuals (UHNWIs) are seeking the best fortunes, the impending Year of the Dragon in the Tree suggests that fixer-uppers may be a wise move.
Monica Tu, founder of agency Black Diamonds, said the appetite for Australian property was unparalleled as the new moon approached.
“Demand for luxury real estate is very high right now, probably higher than ever before. We've had a huge number of inquiries from people looking to buy property before and during the Chinese New Year,” she said. Ta.
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Buyers are looking for homes with double-digit, multi-million dollar price tags.
The Sydney personality from Luxe Listings recently posted a call for luxury properties on social media, saying there is currently a huge imbalance between supply and demand. The same post announced that Tu has 15 qualified buyers looking for homes in the $8 million to $45 million price range, but the bar is quickly rising.
“Since that post last week, we've had inquiries looking for a buyer for up to $65 million, and we currently have two buyers looking for $100 million each,” she added.
The number of Australia's ultra-high-net-worth individuals (defined as people with a net worth of US$30 million (A$45 million) or more) is expected to increase astronomically in the near future due to local wealth accumulation and newly monetized wealth. has arrived. The Wealth Report 2023, written by Knight Frank, states that the ultra-high net worth population will increase by 40.9 percent over five years, from 17,456 in 2022 to 24,589 in 2027.
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Although not all of Ms Tu's buyers are Chinese, she said the majority are from mainland China, with some from Vietnam and Singapore. However, all have temporary or permanent resident status as required by the Foreign Investment Review Board (FIRB).
Sydney's eastern suburbs are popular.
“The only qualification they have to have is the right type of visa. They have to be a resident, otherwise they can't buy. Many are Australian permanent resident visa holders, but many “They decided to move to Australia because there were fewer opportunities in China,” she said, adding that most requests were for Sydney's eastern suburbs and the Lower and Upper North Shore. It added that it was located on the shore.
“Demand is primarily looking for something on the waterfront with a pier, but if they can't find that, they definitely want waterfront views and large plots of land. Also, especially with this new generation of Asian buyers, We've also noticed that there's been a shift in people's lives. They're now looking for coastal properties and rural properties outside of Sydney, which is fairly new.”
The Australian reported on Monday: The business visa program, which accounts for a quarter of the nation's immigration quotas, has been quietly scrapped by Labor over claims that it is having a serious negative impact on the economy, including a “golden visa” scheme for the wealthy. . Foreigners can live in Australia with an investment of at least $5 million.
Mr Tu said there was an influx of out-of-state buyers from South East Asia looking to buy in Sydney.
“Three in ten inquiries are from Adelaide or Brisbane. These are people who have obtained permanent residence in other parts of Australia where it is much easier to obtain permanent residence compared to New South Wales It’s the people.”
More information: Latest home prices on PropTrack
The Year of the Wood Dragon begins on February 10th and is believed to promote growth, progress, and abundance. In Chinese culture, dragons are associated with success, intelligence, and honor. According to the South China Morning Post, the 2024 Lunar New Year will be the perfect time to lay “a solid foundation for something new with long-term potential.”
“If you think about it, what do trees symbolize? We're talking about construction. The Year of the Dragon means this year could make or break you. This year… It's a really good year to buy things that can add value, whether it's renovations or new construction. So if anyone wants to see an old run-down house, give me a call!”
According to Chinese astrology, each of the 12 zodiac animals is associated through cycles with the elements Metal, Wood, Water, Fire, and Earth. Each animal reappears every 12 years, but its attribute affiliation changes. The last Wood Dragon year was his 1964, 60 years ago.
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