In October 2104 a typical lower north shore trophy cost around $10m Australian Dollars. The AUD / CNY exchange rate at the time was 5.40 The purchase price for the Chinese property buyer was 54,000,000 Yuan
In October 2015 after a strong gains in the prestige market, the same lower north shore trophy home would cost around $11m Australian Dollars. The AUD / CNY exchange rate is now 4.64 The purchase price for the Chinese buyer is now 51,040,000 Yuan for that same property
In other words after a sustained boom in Sydney property prices, the Chinese prestige buyer gets a 5.5% discount on prices that their friends and fellow country men paid 12 months ago! Talk about a deal. And when looking at Commercial property and development sites these discounts lead to fantastic rates of return.
Everyone loves a discount in the property market and no one loves them more than a Chinese buyer.