In the last five years, Chinese investment in Australian real estate has grown 400%, to reach $12 billion last year, according to ABC TV’s ‘Four Corners’ report on Monday night. It is mind-boggling to think that income from investment in real estate has taken over the top spot from mining.

The appeal of Australian property is obvious. There is not a huge time difference between the two countries, Australia has a comfortable climate and pristine environment, and our cities have a reputation for good food and a great lifestyle. We have a stable political system, and solid economic fundamentals.

Harbourfront homes have been famously popular with the super-rich Chinese, and luxurious country retreats are also popular. Lulu Pallier of Sotheby’s International Realty said on ‘Four Corners’, ‘This is something money cannot buy in China.’

At the other end of the market, Chinese buyers are snapping up local apartments off the plan. A Chinese company is behind what will be Sydney’s tallest residential tower. The $700 million, 66-storey tower will be in the heart of the CBD. And EQ tower, at 63 stories, will be one of Melbourne’s tallest residential apartment buildings.

Kuizhang ‘Sam’ Guo, a successful Chinese shopping-mall developer, said that after travelling the world looking at where to buy property, ‘The best, the most suitable, place for Chinese entrepreneurs to invest is Sydney, Australia.’

Chinese demand is not restricted to residential property, according to ‘Four Corners’. In 2013-14, Chinese investment in Australian commercial property tripled, and in 2014 China become the top offshore investor in Australian commercial property, Nerida Conisbee, Research Director, Colliers International told ‘Four Corners’.