A Chinese property developer has snapped up a harbourside Beauty Point property for nearly $6 million, marking Sydney's second ''golden ticket'' property sale that will see the buyer granted an Australian visa.
Property developer Guoxun Wang and his wife Dajuan Cheng, from north-east China, bought the four-bedroom house on Delecta Avenue in an off-market transaction this week. The vendor, Susie Danias of Danias Timber, hadn't even finished her rebuild of the property when it sold.
After a lacklustre start to the year, Mosman's prestige property has been given a welcome confidence boost from China.
Cha-ching: 56 The Grove Mosman sold for $6.28 million in March 2013. Photo: Supplied
Mosman's top sale of the year occurred just last week when a Chinese buyer paid almost $14 million for a waterfront property on Julian Street.
Advertisement The four-bedroom home with a pool was sold by hedge fund trader Phil Mathews, founder of Mathews Capital, to a Shanghai businessman with children now settled in Sydney.
''It used to be incredibly unusual to come across a cashed-up buyer from overseas who's come here purely to buy expensive property,'' said the selling agent of both properties Richard Simeon, of Richardson & Wrench Mosman.
''We'd have that experience once a month now.''
Mr Simeon's latest two sales take his tally up to $100 million worth of property sold to Chinese buyers in the past three years.
Other agents agree there is strong activity among offshore buyers but that most sales are still to locals. ''There's no doubt there's strong international activity, but in recent months we've seen local interest in the upper end gaining daily,'' said Brendan Warner, of Raine & Horne Mosman.
Geoff Smith, of LJ Hooker Mosman, said Chinese buyers are out in force, but that in the $6 million-plus range there are still more sales to locals.
Mr Simeon said Chinese buyers accounted for about 30 per cent of Mosman's high-end property sales. He said that figure would be 10 per cent for the broader market.
''Once you have one corporate figurehead buying into an area, they tend to be followed by a handful of other sales in the surrounding streets because offshore buyers tend to want to buy near someone they know or know of,'' Mr Simeon said.
In January, developer Peter Papas sold a new house on Beauty Point's Bay Street to the Huang family from China for $12.8 million. That sale was followed a flurry of buyer activity with other Chinese buyers keen to move to that neighbourhood.
Cashed-up Chinese buyers could anchor Beauty Point's prestige market if the Geographical Names Board goes ahead with a carve-up of Mosman into traditional localities.
''The most common scenario behind these sales is the children come here for an education, the parents follow, buying these luxury homes, and even though the father often spends months at a time in China running their business, the family plan to retire here permanently later in life,'' said Mr Simeon.
That is the plan for Sydney's latest ''golden ticket'' holders, the Wangs. The couple are reportedly coming to live in Sydney while their daughter is studying law here.
The sale was facilitated by Monika Tu of Black Diamondz.
To date, only 15 Significant Investor Visa holders across Australia have been approved by the Department of Immigration. The first purchase by a buyer using this visa in Sydney was an $8.5 million contemporary home in Vaucluse in September.
The visa gives residence to applicants with $5 million or more to invest here. The property purchase does not qualify as the investment, but temporary residents often want to buy their own property to live in.
Source from SMH
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