“Scapegoating” of Chinese buyers for rising property prices in Australia could be unfair, according to new Geelong research.
A survey of nearly 370 Chinese buyers found that most were buying residences rather than investments, said Deakin University’s waterfront Business School.
The results cast a “vastly differently light” on Chinese property ownership in Australia, said researcher Dr Mona Chung
“This research is long overdue and timely as there is little analysis which is based on evidence to provide an objective picture Chinese investment in residential real estate,” Dr Chung said.
“This lack of evidence has allowed space and opportunity for the speculation and scapegoating that has seen the finger being pointed at Chinese investors in attempts to explain the problems of housing affordability in Australia.”
Dr Chung’s survey of 367 Chinese individuals from China, Singapore, Malaysia and Australia.
More than 60 per cent had migrated to Australia, with another 14 per cent planning to migrate.
Access to public transport, house price and location were the greatest influences on the respondents property purchases, Dr Chung reported.
Properties under $1million and in the range of $500,000 to $800,000 range accounted for just over 50 per cent of purchases, she said.
Almost a quarter paid between $1 million and $2 million.
“These figures also align with the price expectations of potential purchasers,” Dr Chung said.
“These prices are consistent with the price ranges in Melbourne and suggest that the Chinese are indeed paying market value rather than inflated prices.”
The buyers also preferred buying houses, and in areas with other Chinese residents, Dr Chung said.
“This finding is inconsistent with the common view that Chinese buy most of the units/ apartments built in the recent years.”
Deakin said Dr Chung would continue the next stage of the research “thanks to a grant from the Australia Chinese Workers Association”.
