“Investment strategies have undergone a significant shift compared to the pre-pandemic era,” says Mandy. “Many international buyers now prioritise acquiring residential homes for personal use by themselves and their families, rather than solely focusing on purchasing investment properties.”
In a noteworthy shift from the past, foreign buyers’ preferences have broadened beyond new, contemporary-style homes, now encompassing older properties with a pronounced interest in period homes. This trend is particularly evident within the prestigious suburb of Toorak, where these discerning buyers seek out the timeless charm and character that such homes offer. Mandy explains that the allure of the Toorak locale is so compelling that even long-term foreign residents are opting to make the move from areas such as Balwyn, Glen Iris, Kew, and Mt Waverley.
The recent influx of Chinese buyers flying in to personally inspect properties has sparked new levels of competition and a heightened sense of urgency amongst foreign buyers in the real estate landscape. According to property portal Juwai IQI, Chinese buyers hold the belief that “Australian real estate offers a safe and wise investment opportunity.” After enduring three years of closed international borders during the pandemic, Chinese buyers are now making decisions to permanently move to Australia seeking stability and a high quality of life. Approximately one third of buyer enquiries go to Melbourne, influenced by various factors such as a well-established Chinese community offering a support network and a sense of belonging, world-class educational opportunities, and the minimal time difference between our local AEST time zone and China, which facilitates seamless international business operations and communication.
Mandy, drawing on her extensive experience and insights, confidently asserts that Australia, and particularly Melbourne, will witness a sustained resurgence in international buyers. Their interest and investment will contribute to the growth and vibrancy of the real estate market, further solidifying Melbourne’s position as a sought-after global destination.
