Opportunistic Hongkongers snap up property in Australia

Many deep-pocketed Hong Kong investors are preparing to pick up global properties on the cheap as major currencies are being slashed due to a global market stampede in addition to emergency rate cuts squashing lending costs.

Owning a home within Australia has never been cheaper for Hong Kong investors as the Australian dollar recently dropped to HK$4.3, the weakest rate since 2002.

According to Midland Realty for HK$1.8 million a Hong Kong investor can purchase a 600sq ft, two-bedroom apartment in downtown Brisbane, whereas a 604sq ft apartment in a 25-year-old development just changed hands in eastern Hong Kong for HK$10.3 million.

Enquiries for overseas property purchases and immigration have increased 33% to 650 cases in the first two and a half months of 2020, compared with a year earlier, according to Midland Immigration Consultancy. The most popular request is for relocation to Australia, with cases expected to reach a record 1,500 this year, a 50% increase on last year.

Tina Cheng, director of strategy at Midland Consultancy reflected on the currently weaker global currencies and how they “offer a golden chance for those who want to leave to buy an overseas home or make an investment.”

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This is a brief summary of the online article ‘Hongkongers relish picking up overseas properties on the cheap as currencies slump amid market stampede’ by Pearl Liu | Wednesday 25^th March 2020.