Darren Curtis of Ken Jacobs Christies International Real Estate spoke to WILLIAMS MEDIA about the current conditions and what he is experiencing in the luxury Sydney property market.

"Australia has always been regarded as a blue-chip destination for real estate investment, we are seen as a safe haven with clean air, a great lifestyle and security. These qualities underpin the inherant appeal that Australia has to those overseas, so I am cautiously optimistic for the future of the Australin property market. This, coupled with the current exchange rate and record low interest makes Australian real estate extremely attractive to returning expats and overseas buyers." 

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In December 2019 a a returning Australian expat exchanged a little over USD7M to secure a AUD$10M luxury Sydney home, a few months later their friend, also returning to Australia from overseas purchased another AUD$10M luxury Sydney home, paid under USD$6M when the Aussie dollar dipped below sixty cents for the first time since 2003.

"I work for the vendor to find a market for the stock I'm selling and we [Ken Jacobs Christies International] rarely conduct open homes with the stock we sell and few of our homes are best suited to a public auction so my day to day role has changed very little save implementing all the recommendations from our governing body. I am seeing an increase in enquiry and buyers from Hong Kong and talk to and talk to several Chinese buyers each day, they are very keen to come back when the Government lifts the travel restrictions." Curtis continued, "In one instance a daughter living in Australia inspected a property while her parents viewed it over the phone."

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If not Australian citizens, purchasers need to hold at least a Temporary Residency Visa (TR) which enables them to purchase a single dwelling under FIRB regulations. "There has only been one instance where one of my sales was questioned. It was a rural property with a large poolhouse and an outbuilding. The assessor was looking at aerial photographs and said there were multiple dwellings on the property but when the situation was explained the sale was approved." 

Buyers holding a TR do however have to pay increased stamp duty so many wait until they hold permanent residency to purchase. The FIRB has to ensure that the property the visa holder has found complies under the terms of their visa. An application assessment can take around 30 days and attracts a 1% of the purchase price, non-refundable fee.

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