Multi-billionaire real estate king Harry Triguboff says Chinese investors have stopped buying apartments in Sydney
- Real estate king Harry Triguboff says Chinese apartment buyers have cooled
- Revelation comes amid the coronavirus crisis and trade tensions with Australia
- House prices in Australian capitals are expected to fall as a result of the pandemic
- Here’s how you can help people affected by Covid-19
Billionaire real estate king Harry Triguboff says Chinese buyers are no longer hunting for apartments in Sydney and Melbourne.
The apartment hunters seemed to lose weight at the beginning of the year when the corona virus first ravaged China.
The decline did not last long as Chinese buyers quickly returned to Melbourne, Sydney and Brisbane on an apartment hunt in March.
But it appears that Chinese buying has been cut back amid poor diplomatic relations between the two nations after Australia pushed for an investigation into the origins of the corona virus.
According to Harry Triguboff, Chinese buyers on the hunt for apartments in Sydney and Melbourne have cooled. Pictured: A woman is bidding in Sydney
Mr. Triguboff, the founder and general manager of Meriton Group, confirmed on Wednesday evening that the Chinese purchase had declined, according to The Australian.
The reasons for the decline have not been confirmed, but trade tensions between Australia and China have skyrocketed recently.
China levied an 80 percent rate on Australian barley and suspended imports from four major slaughterhouses after Australia called for a worldwide coronavirus investigation.
Chinese state media have also labeled Australia as “a giant kangaroo carrying the US dog.”
Australian capital city house prices are expected to fall double digits in the coming months as coronavirus locks are causing unemployment.
International students had strong demand for rental housing and therefore investment property, but border closures and fears of student exodus are expected to hurt demand.
Mr. Triguboff, Meriton Group founder and chief executive officer, confirmed on Wednesday evening that the Chinese purchase had declined
Last week, Mr. Triguboff said that Meriton saw a 250 percent jump in apartment inspections since early April.
“There was pent-up demand after a quieter March triggered by COVID-19, and it appears that buyers have stepped forward to take advantage of prices on a low basis or in some cases where they have fallen,” he said.
“Many buyers are also noticing that the supply of new apartments is shrinking rapidly, which is likely to put pressure on pricing in the future.”
Pictured: A real estate agent poses for a photo in a newly sold property in Sydney in March