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Chinese appetite for Australian property expected to increase

Chinese real estate agencies are expecting that the country is going to have an increased interest in buying property in Australia this year.

This is according to a poll that was taken of 150 different agencies in China to determine whether spending on foreign property is going to reach higher levels than last year, reports The Daily Telegraph.

Investorist, an off-the-plan property sales platform, ran the survey, which showed that 149 out of all those polled are certain that Chinese buyers are going to expand their financial interest in foreign real estate, most notably in Australia.

As the top market favoured by 60 per cent of the agencies that took part in the survey, Australia beat out America, the UK and Canada.

One of the reasons for this is that the Chinese yuan has become notably devalued against the US dollar, which has seen buyers from the country less interested in snapping up property in America and the UK.

Instead, those who are looking to buy or invest in real estate have been much more keen to spend their money in Australia, where they have stronger buying power.

Jon Ellis, founder of Investorist, said that the Chinese are seeing property in Australia as a "very safe haven for investment".

He added that demand is very strong as "our [Investorist's] developers presented new projects in a variety of Australian and International locations, including Sydney, and all generated a lot of interest from the Chinese agents".

Mr Ellis has been running and hosting property roadshows throughout Shanghai and Shenzhen, so has first-hand experience of the enthusiasm coming from this overseas market.

He stated that people from China seem to be most interested in buying off-the-plan properties and only seven of the agencies they polled have any concerns over how foreign investment policies might affect their global property sales.

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