Hardly a weekend goes by when the impact of Chinese buyers on the Australian property market is not discussed in one way or another.
Chinese buyers, it is claimed, are enthusiastic and cashed up bidders at auctions, responsible for pushing up the prices of properties, and big buyers of off-the-plan units especially in sought after areas close to good schools and transport links.
A federal parliamentary inquiry into foreign ownership of residential properties last year was told by Asian investment group CLSA that 10 million of China’s wealthiest people want to emigrate to Australia. And the recent annual report of Queensland’s Foreign Ownership and Land Register Act revealed that Chinese buyers spent $463m on property in the state, including residential and commercial real estate and farmland. Chinese buyers spent a record $185m in the Brisbane City Council area last financial year, up from $96m the previous year, and $196m in property on the Gold Coast. Queensland is the only state to track records of offshore buyers.
The phenomena is fairly recent after rules restricting foreign ownership of Australian real estate were relaxed four years ago. Foreign investors can now only buy established homes in Australia if they have a valid visa, but no longer face any restrictions on buying new homes.
So the question is what is your business doing to encourage Chinese buyers to look at the homes of your vendors?
In the past, the issue has required hiring Chinese speakers or taking time to send information to translators. This has put many agents off.
But real estate agents will be able to quickly, easily and affordably attract Chinese buyers to properties they have for sale with the launch of a new tool from CoreLogic RP Data – Chinese Language Property Detail Reports (read more).
The new add-on feature to RP Data Professional allows agents to order property reports on any individual property from the RP Data Professional database and immediately translate them into Chinese Simplified. The report contains many of the features that agents would present to vendors when creating a Comparative Market Analysis report (CMA). The Chinese Language version is a PDF report that can either be printed or emailed to clients.
There are also Chinese Language suburb profiles so the investor can get a feel for the neighbourhood and its facilities with automated valuation reports also soon to become available.
CoreLogic RP Data has worked with professional translators who a good understanding of the Australian property subject matter to ensure that the reports produced are of high quality and are easily understood by the Chinese Investor who is reading them.
2015 is the Year of the Goat. According to Wikipedia, people flock to goats, possibly because they are so compassionate , helpful, sincere and determined. CoreLogic RP Data is determined to ensure that the year of the goat is also a successful year for agents servicing the information needs of Chinese investors.
* Kylie Davis is the head of real estate solutions at CoreLogic RP Data born under the Chinese sign of the Rooster. Follow her on Twitter @CoreLogi_KDavis