By Annabel Hennessy
CHINESE buyer’s love affair with Sydney property is showing no signs of slowing, with top suburbs racking up interest from thousands of overseas buyers each month.
New data from Realestate.com.au has revealed Australia’s most popular suburbs with Chinese purchasers- with Sydney areas continuing to rule the roost.
Chatswood was the most popular suburb in the country racking up more 1880 searches from Chinese buyers in just six months.
Epping rolled in at number two with 1400 views, followed by Carlingford and Hornsby.
While Sydney was home to the most popular suburb, Victoria is also becoming more popular with Chinese buyers- with seven of the top 10 most popular suburbs.
Real Estate Institute of NSW president John Cunningham said local Chinese buyers had contributed to the rise of prices in some of Sydney’s most profitable suburbs.
“In the lower north shore, affluent Chinese buyers have helped push demand,” Mr Cunningham said.
In Chatswood, agents said the suburbs proximity to Chatswood Chase shopping centre was helping boost prices.
Last year in Chatswood a series of ordinary, four bedrooms homes sold for $4 million or more to local Chinese buyers simply because they were opposite shopping centres.
Brent Courtney, of McGrath Lane Cove, said for Chinese buyers being opposite a shopping centre was the equivalent of “being water front”.
“Part of it is they’ll often have elderly relatives living with them, so walking distance to shops is very convenient,” Mr Courtney said.
“They don’t like to lose face at an auction either, which is why you see these crazy prices.”
TOP NSW SUBURBS FOR CHINESE BUYERS: