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| Agents Prepare for Chinese Year of the Dragon and Wealthy Buyers |
Agents are getting ready for an influx of wealthy Chinese buyers starting February 10, when China celebrates the Year of the Dragon. These buyers are eyeing up prestige properties in Sydney, and high-profile agent Jonathon De Brennan is already noticing a significant increase in interest.
Compared to last year, De Brennan has seen three times as many Chinese buyers in the past month alone. With foreign purchasers lining up to inspect properties throughout February, it's clear that the market is heating up.
"This is the first Chinese New Year since the pandemic where there are no travel restrictions for Chinese nationals," De Brennan explains. "The celebrations last for 16 days, and it's the one time of year when they're not working. We expect them to flock to the eastern suburbs and Mosman in search of property."
Just before Christmas, De Brennan was busy selling properties to Chinese buyers who were eager to get ahead in the prestige property market. They snapped up a property on Edwards Bay Rd for around $10 million, another house on Morella Rd with views over Chowder Bay for approximately $8 million, and even competed in a sale for 13 Hopetoun Ave in Mosman's golden mile, which went for over $11 million off-market.
"We're bracing ourselves," De Brennan admits, acknowledging the surge in activity.
The property at Number 15 Edwards Bay Rd, Mosman, was only on the market for a short while but fetched a staggering $10 million on December 20. This represented a $4 million increase in value in less than three years.
Similarly, the four-bedroom house at 22 Morella Rd sold to Chinese purchasers for $8 million on December 15. This property had been the home of Meredith Hellicar and David Foster for over 30 years, with Hellicar being the former chairman of James Hardie and currently serving as the executive chair at Merryck & Co, specializing in executive coaching and mentoring.
Lastly, the five-bedroom house at 13 Hopetoun Ave, owned by retired couple Nigel and Diane Smyth, sold on December 23. Although it was a local family who ultimately bought the property, Chinese purchasers were among the underbidders, indicating their strong presence in the market.
De Brennan refrains from commenting on the exact sale price of 13 Hopetoun Ave, but industry insiders suggest it sold for at least $11 million.