Australia’s most expensive home pitched to Chinese buyers
Sydney harbourfront mansion listed at A$80 million
China’s property buying spree in Australia does not appear to be slowing, with the selling agent for a Sydney harbourfront property touted as Australia’s most expensive house targeting ultra-rich Chinese and said to be in serious talks with several potential buyers.
A new campaign with a strong focus on China was launched in February to interest foreign investors looking for high-end properties in Elaine Gardens, a grand waterfront mansion sitting on 6,986 square metres of land at Point Piper. The price tag is A$80 million (HK$475.8 million).
The seller was currently in serious negotiations with several Chinese buyers, Ken Jacobs, the selling agent and Australian head of Christie’s International Real Estate, said last week.
The Chinese are admirers of great property no matter where they are located
Though China was not the only focus, Jacobs said there had been strong inquiries and inspections from China throughout the campaign.
“The Chinese are admirers of great property no matter where they are located,” he said. “They are a very engaged, astute and active buyer group.”
The sales campaign was produced both in English and Chinese, to ensure engagement with one of Australia’s most active offshore buyer markets.
China has continued to be the largest foreign investor in the property market in Australia. According to the annual report of Australia’s Foreign Investment Review Board (FIRB), Chinese investment in Australian real estate doubled in the financial year to the end of June last year to more than A$24 billion, three times the amount invested by the second-largest investor, the United States.