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Byron Bay attracts new Chinese ...

Byron Bay attracts new Chinese buyers

Already a massive hit with Australians themselves, Byron Bay is now becoming one of the hottest areas for Chinese property investment.

The interest of Chinese buyers is attributed to the bay's beautiful beaches, laid-back surf culture and a flourishing reputation for excellent food, reports Domain.

Byron Bay was previously ranked as the 28th most popular place to buy property, however it has now climbed up to 4th place in the country, largely thanks to the surge in Chinese buyers to the area. These figures are according to Domain's Chinese-language equivalent website, Juwai.com, which clearly show the peak in interest from the Chinese population in Australia's prized beach area.

More popular places that Chinese people are considering buying property include Sydney, Newcastle and Wollongong, which have consistently piqued buyers interests for several years.

It seems that Byron Bay offers buyers the opportunity to own a property that is private, which is a luxury that isn't often afforded to properties in Sydney and similar areas.

Speaking on the influx of interest in the Byron Bay area, Juwai.com co-founder Simon Henry said: "Our data suggests we could see a real increase in Chinese transactions to say 5 per cent of the marketplace by the end of 2016."

He continued to say that this would be dependent on Chinese buyers remaining as active as they have been up to this point.

Suggesting why there has been such an increase in Chinese interest in the area, Mr Henry commented: "In Australia, Chinese developers are very eager to invest in waterfront land that they can easily develop into homes or hotels."

Putting it simply he finished by saying that Chinese buyers "love beachfront property like everyone else" as it makes for more comfortable and beautiful homes.

Byron Bay, in particular, is an area that is unspoiled and clean and it's also possible to get direct flights to China via Coolangatta, which isn't necessarily as straightforward in other parts of Australia.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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