Asian buyers are dominating the real estate market in the Australian city of Gosford, and account for 50 percent of enquiries for some properties according to one local real estate firm.
Buyers from across the Asia-Pacific region have been looking at properties ranging from entry-level apartments to multi-million dollar waterfronts in the coastal New South Wales city north of Sydney.
According to Geoff Tilden, Principal of Raine & Horne Gosford, Asian buyers represent around 50 percent of enquiries for an elegant waterfront property at 29 Albany Street, Point Frederick (pictured).
He said: “This property will go to auction on Saturday, June 21, and proves that Asian interest in Gosford real estate priced above AUD$2 million (S$2.32 million) is strong.
“That’s not to say we haven’t seen interest in other price points from Asian buyers, demonstrated by enquiries for a two-bedroom apartment at 42/91 John Whiteway Drive, Gosford, which is selling by private treaty for offers above AUD$395,000 (S$460,000),” he added.
The appeal of Gosford can be linked to its location and lifestyle features that are highly sought by Asian buyers, according to Tilden.
“Gosford is popular because it ticks many boxes for Asian buyers, while the decision to open a University of Newcastle campus has also been recognised as a plus by Chinese buyers,” he said.
To respond the demand from Asia the real estate firm has employed Hong Kong-born Belinda Harris and her Cantonese and Mandarin speaking daughter Sam to its team.
“It’s really difficult to put a number on how many Asian buyers live overseas, however there is evidence that many buyers are using a local representative, such as a relative, friend or business associate, to attend open homes and auctions,” said Harris.
“This is not an unusual practice for Asian investors, as the identity of the majority of buyers was a mystery throughout my 10-year stint selling homes in Hong Kong.”
The outlook of Gosford as an investment hub is a rosy one, according to Harris.
“One thing I have learnt about Chinese investors is that once they know where they can make money, they’ll all follow. This bodes well for the long-term prospects of Gosford real estate.”
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email firstname.lastname@example.org
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