The Chinese are here and more are coming
Chinese migrants are landbanking significant tranches of property, according to Ray White director Bruce Whillans.
He says cashed up migrants are drivers of the Auckland commercial market “often paying prices well above local comparable sales evidence.
“This could not be more evident in our recent sales success – more than $200 million in the Albany estate north of Auckland.”
Initial land sales there were at $400/m2 but are now reaching up to $950/m2 or 173% growth in 24 months.