Is Australia The New Switzerland? Sydney Real Estate Sees Increased Interest Worldwide | Ezine Daddy

As Australia reopens its borders to international visitors, top real estate agent Ken Jacobs of Private Property Global sees a significant increase in foreign interest in luxury properties around Sydney. “Across the board, we’re getting more and more offshore inquiries from both expats looking to return and others looking to move here,” notes Jacobs.

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Expats from Hong Kong, New York, Chicago and California’s Silicon Valley have all inquired about various properties. “They usually come back as soon as their children are school-age. Australia is looking better and better for her now,” Jacobs shared.

Foreign buyers must comply with the Foreign Investment Board’s (established 1976) ownership rules. According to Jacobs, “If you are a foreigner making an investment, you are limited to investing in brand new developments. You can only buy an existing home if you have a residency. For returning expats, that would most likely not be an expense.”

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Recently, Jacobs and his team have been answering property inquiries from expats and some foreigners living in Paris, Germany and Austria to name a few places in the EU. “Uncontrolled immigration seems to be a driver for some. The geography and our remoteness are a problem for people who want to settle here. Now we see that has become a plus for Australia,” notes Jacobs.

Potential buyers include those in “C” suite positions; Jacobs points out that inquiries about the tax implications of moving one’s business to Australia are being made as a major incentive for the business elite. “Once they determine the viability of moving their business, a home purchase will follow,” Jacobs said.

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In addition, Jacobs is hearing more and more from high net worth (HNW) buyers in the United States. “I think Americans are feeling more and more polarized there. Australia now checks all the boxes for them. We’ve supported the US in every war, so in a way we’re kindred spirits.”

While the pace of buyers in Hong Kong has slowed, buyers from mainland China are looking to properties around Sydney as a long-term investment. “It starts with their children coming there to attend college and the parents funding a purchase for them to live on. Then the children stay and often the parents follow,” explains Jacobs.

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Here are some properties that are drawing attention these days. Options near Sydney Harbourfront include a premium penthouse at Bennelong Apartments, which offers unequaled views from Circular Quay to the Sydney Harbor Bridge. Eastward views stretch from the Sydney Opera House to the Royal Botanic Garden. The home has over 2,497 square feet and has three bedrooms and three bathrooms. Price: available upon request.

Country estates within a few hours of Sydney are also in demand. Linden Hall in Robertson, New South Wales is a seven bedroom, six bath home built in 2007 on over 197 acres. It lies in the rolling hills surrounding Robertson. There is an underground wine cellar with 4,200 bottles, a pool and a summer house.

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Robert Fletcher of Private Property Global in Melbourne explains that interest from expats and foreigners is as great in Melbourne as it is in Sydney. “Our marketplace came alive in the third quarter of 2021 and luxury did very well. People see Australia as the new Switzerland. The freedom to work from anywhere brings us interested buyers.” Fletcher has received inquiries from Italy and Germany in recent weeks. “We have young families who come here to start a new life,” adds Fletcher.

There are currently several attractive offers on the market in the Melbourne area. A “Melbourne Landmark” will soon be on the market. Built in 1868, Namarong is a redesigned property for 2022 and beyond. Fulham in South Yarra, Victoria is a newly built three storey home designed by noted architect Anthony Pie. It is spacious with light-flooded rooms and pool and terrace areas.

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As Australia expands its presence as the new Switzerland, you can expect it to attract both expats and foreigners to its shores.

Private Property Global is an exclusive member of Forbes Global Propertiesa consumer marketplace and membership network of elite realtors selling the world’s most luxurious homes.

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