Chinese buyers are pushing up prices in Brisbane – but only in suburbs that already have a large Chinese presence.
According to new data from property group PRDnationwide, seven southern Brisbane suburbs that are known to have a large number of Chinese residents are experiencing faster house price growth than southern Brisbane and greater Brisbane.
Of the seven suburbs surveyed, Robertson had the highest share of Chinese residents, at 25.3 per cent. Its average house price has increased 38.6 per cent in the past five years, compared with 22.8 per cent for south Brisbane and 18.5 per cent for greater Brisbane.
Sunnybank, which had a 22.2 per cent Chinese share, experienced 36 per cent price growth over the past five years, while Macgregor, which had a 21.3 per cent Chinese share, experienced 31.4 per cent price growth.
Stretton had 18.1 per cent Chinese share and 27.4 per cent growth, Sunnybank Hills had 17.1 per cent Chinese share and 29.3 per cent growth, Calamvale had 15.1 per cent Chinese share and 25.1 per cent growth, and Eight Mile Plains had 11.8 per cent Chinese share and 27.6 per cent growth.
PRDnationwide national research manager Dr Diaswati Mardiasmo said Chinese residents have a tendency to gather together, which probably explains the above-average price growth in those seven suburbs.
“The increasing number of Chinese buyers – including local, interstate and overseas buyers – has meant that there is a high level of demand for houses in these areas, pushing prices up,” she said.
“A large Chinese population could be a good indicator that a suburb will continue to experience high levels of price growth, due to a high likelihood that a number of future Chinese buyers and investors will have interest in the suburb.”