NSW

Jonathan Chancellor | 1 February 2013

Chinese buyer surge in Mosman prestige sales

Offshore buyers are increasingly active in the underpinning of Mosman's property revival.

The latest sale is $9 million on Burran Avenue on Balmoral slopes to mainland Chinese buyers. The house (pictured above) was described as "an inspirational Susan Rothwell design with views that range from Manly, North Head, Dover Heights, Middle Head, Grotto Point and Balmoral Beach."

"It's the ultimate lifestyle statement," the marketing said.

Another recent sale was $12.8 million. Last year Property Observer revealed it was a Chinese buyer who topped recent Mosman 2012 sales, spending $20 million on retired car dealer Laurie Sutton’s 5154-square-metre Bay Street Mosman holding – the suburb's largest harbourfront estate. It was bought by Ying Li.

The brothers Richard and Robert Simeon, from Richardson & Wrench Mosman, have been dealing with increasing numbers of Chinese buyers agents since 2009 when it comes to the marketing of prestige Mosman property.

Prestige agents have noted the stars have well and truly aligned for Asian buyers wanting to invest in Australian residential projects.

The most recent development has been the introduction of “golden ticket” visas aimed at fast-tracking wealthy Asian investors’ entrance into Australia with a provisional four-year visa followed by the opportunity to apply for permanent residency.

The new Significant Investor Stream Visa (as it is officially known) requires an investment of at least $5 million in state or territory bonds; an ASIC-regulated managed investment fund; or a direct investment in an Australian company, which would include investments in commercial property backing a business such as a hotel or lodge.

The visa allows immigrants to skip skilled migration requirements such as being proficient in English and requires immigrants spend a minimum of just 40 days a year in Australia over the four-year visa period.

There is also no upper age limit, and the main applicant does not have to meet the business points test.

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