Chinese buyers property myths form an Australian Lobby Group. There are frustration build ups on Chinese investors as they are being blamed for the increasing prices of houses in key areas of Australia. Queensland however, has created the most interest among Chinese buyers.
News.com.au states that Chinese buyers are being blamed for the increase in house prices in main cities in Australia. This has created frustration on Chinese businessmen. Other than that, these foreign investors area mostly being taken advantage of by the Australian public because of their lack of knowledge for consumer and individual rights.
In order to avoid, and hopefully put to a stop to this, Mr. Wayne Tseng, a prominent Vietnam-born Chinese businessman now based in Melbourne has founded the Chinese Chamber of Property Investors. It is a not-for-profit group that employs three full time employees whose role is to introduce them to advisers, real estate agents conveyancers that can be trusted. Inviting them to join workshops and seminars are also a part of the activities of this chamber.
Mr. Tseng also happens to be the president of the Chinese Precinct General Chamber of Commerce. The objective is to orient incoming possible Chinese investors of their individual and consumer rights before they actually try to venture out themselves.
Examples of how they are being taken advantage of is the charging of commission on the buyers' side or being given inadequate listings to lead them to purchase particular properties. Mr. Tseng states that even banks take advantage by informing them that the loan will be granted as long as insurance will be bought from the bank that gives the loan as well.
Opp today has reported that one of the best overseas real estate website has shown a 17% year-on-year increase in Chinese interest on Australian property. Juwai.com has been tracking online property hunting activity and has shown the 12% increase compared to the previous year based on the Purchase Intent in Brisbane.
Queesnaland is said to have the edge over the other cities in Australia, such as Sydney and Melbourne, because of it is the nearest to China if based on the eastern side of Australia. Even leading Brisbane Agent, Christine Rudolph, of Ray White New Farm informs that 30 - 40% of her sales came from Chinese investors overseas.
Frustration builds up as Chinese investors are being eyed as the reason for house prices increasing in Australia. The Chinese buyers myths form an Australian Lobby group to assist Chinese investors. Still interests has increased in Queensland by overseas Chinese buyers.
