Rise in Hongkongers applying for Australian emigration amid protests boosts recovery in Melbourne, Sydney property markets
- The number of Hong Kong residents applying for business visas might have doubled since June this year
- Sydney real-estate market records its busiest Saturday of auctions this year
A recovery in the Melbourne and Sydney property markets is being boosted by Hong Kong investors fleeing anti-government protests, experts said.
The number of Hong Kong residents applying for business visas for millionaires looking to migrate to Australia might have doubled since June this year, when the protests started.
“Since June, I have seen a significant increase in demand from Hong Kong for Australian visas, with business visas being of great interest to those with the wealth to make it work,” said David Lesperance, an international citizenship and tax law expert and managing partner at Lesperance & Associates.
“I would not be surprised if Hong Kong applications for business visas were up by half, or even twice what they were a year ago.”
This view was shared by Eli McGeever, a Hong Kong-based vice-president of international property at property portal Soho.
“As tensions in Hong Kong show no signs of abating, locals are considering residential options elsewhere,” he said. “Interest in obtaining the business visa is up by at least 200 per cent at the property marketing events that I track in Hong Kong.”