Chinese interest in the New Zealand property market been described as “unprecedented”by a real estate agency.
Ray White Real Estate’s commercial arm says that over the past 12 months, over 50 per cent of its Auckland business has been generated from Chinese investors.
According to managing director, Bruce Whillans, commercial property sales at the agency more than doubled during Q1 of this year to $300 million. Sixty-four per cent of transactions were to either resident Chinese or new entrant Chinese companies.
The influx of Chinese capital into the region was so strong that the agency has appointed an Asian desk.
Headed by a Cantonese and Mandarin-speaking architect, its staff provides assistance to Asian land developers who are interested in New Zealand properties.
Clients are mainly interested in buying land for the purposes of development or land banking, office buildings in Auckland, and landmark CBD assets.
Real estate agents are also noticing increased interest from investors in Singapore and Australia, in spite of that country’s strong dollar.
The growth of business confidence in New Zealand has led to a boost in interest in the property market which is being referred to as merely the “tip of the iceberg.”
