Chinese ‘exodus’ from Aussie property isn’t what it seems

A Sino homebuyer expert says the fall in Chinese foreign ownership of Australian property may be ‘misleading’. Picture: Rohan Kelly Official figures show a 5.4 per cent fall in Chinese foreign home ownership – but an industry insider says the real reason behind the so-called exodus may surprise you. Chinese property platform Juwai IQI told The Courier-Mail that the official ATO figures may be ‘accidentally misleading’. MORE: 22 banks’ shock rate cut ahead of RBA call Suburbs such as Point Piper in Sydney have been hugely popular with Chinese buyers looking for luxury homes to invest in. Juwai IQI group managing director Daniel Ho said a meaningful slice of the decline in Chinese foreign owners had gone from being considered foreigners to becoming locals – taking out permanent residency status or becoming citizens. “Some and perhaps a majority of the homes that came off the ‘registered interests in residential land’ table did so because the property owner is now no longer classified as ‘foreign’,” he said. “These owners as a group are not rushing for the exits but in many cases are instead settling in permanently.” “I believe it is likely that a significant share, even most, of thos...