- Chinese Australians buying homes at a much higher rate than other Australians
- 75 per cent of them are homeowners, compared to 60 per cent non-Chinese
- Nearly half of China-born Australians are searching for a home to buy
Chinese Australians are snapping up homes at a much higher rate than other Australians, according to new research.
Almost three-quarters of Chinese people own their own home, compared to 60 per cent of non-Chinese, and they’re 23 per cent more likely to be actively seeking property to buy, the Daily Telegraph reports.
Nearly half of China-born Australians were found to be searching for a home to buy, a significantly higher amount than other Australians, at 34 per cent.
Almost three quarters of Chinese owned their own home, compared to 60 per cent of non-Chinese
Data collected by the St George Home Buying Survey revealed despite making up just three per cent of three per cent of the population, Chinese Australians were generally more successful in the property market.
However, their funds are most often sent from overseas, with St George spokesman Ross Miller saying they were twice as likely to receive financial help from parents or other family members based abroad.
More than 40 per cent were found to receive financial assistance from relatives or friends, and 15 per cent gained money as a gift.
Mr Miller also noted that Chinese Australians most commonly arrived in the country in their prime home-buying years – between ages 20 and 44.
‘What we found really interesting is that stability, family and long-term grassroots is important to nearly all Chinese-born Australian families,’ he said.