Luxury apartments like these are being snapped up by the Chinese.
Asian migrants are snapping up Australian properties forcing prices even higher according to real estate group Morton and Morton.
Properties in the city have doubled over the past 12 months with Asian buyers flooding the market. Many of the buyers are doing so as an investment, as fears abound in China of a so-called ‘asset bubble’, but as demand for city properties soars, so do the prices and many local Australians are now being priced out of the market in the city.
Sydney and Melbourne property prices are now among the highest in Australia, with some prestige homes going for as high as $30 million.
Morton and Morton reported that 16% of their sales in 2009 were to Chinese buyers who were buying for their children studying in Australia. In 2008 this figure was just 5%, that’s an increase of 11%.
Many estate agents around Sydney and Melbourne are now specifically targeting Chinese buyers.
Properties in Australia remain fairly affordable to the Chinese as property prices in China remain largely out of reach to anyone except the rich and wealthy. Yet other buyers needn’t worry too much, the Chinese buyers are largely interested in prestige properties and whilst Australia’s buoyant housing market means that prices are rising, there are still bargains to be had in the cities if you know where to look.
There is also some good news for first time buyers in Australia, an increase in the grants available for such buyers has seen an increase in Australians being able to afford their own homes, with Western Australia being the most popular place for young people setting up home.
 If you are thinking of emigrating to Australia have a look at our property guide for a complete picture of the property market in Australia.
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