It was a fortuitous lunch with Managing Director of Kay & Burton, Ross Savas, and their shared passion for the Asian market that brought Jamie Mi from the Chinese capital to Melbourne, where she currently heads up Kay & Burton’s International Division.

Jamie's background in journalism, marketing, and international relations provided her with insightful cross-cultural understanding, and she gained genuine insight into the demands of real estate while writing about property in her own business bulletin in Beijing.

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Jamie at Rosewood Hotel Hong Kong, ready for client meeting. Source: Jamie Mi 

A keen traveller, now based in Melbourne with her husband and young son, Jamie provides her clients, many of whom have recently arrived in Australia, with knowledge that goes beyond the boundaries of real estate. 

Jamie shared her insights on international interest in Melbourne's high end property with WILLIAMS MEDIA. 

What are your predictions for the 2020 luxury market in Melbourne with the current restrictions and also moving forward?

Whether they are serious, quality buyers, researchers, or bargain hunters, everyone will be watching the luxury market. Many more people will be making enquiries - a lot already are. 

This world pandemic is going to revolutionise the way we see real estate, the way we inspect properties, the tools we use to promote our homes and much more. 

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Jamie at Marina Bay Sands, Singapore. Source: Jamie Mi 

What advice would you give to vendors for the best outcome?

You want to target the right audience, not just anyone. Consider using all the digital technology possible to promote your home; from photography to video. Distributing your home to the right platforms is also very important. We all need to think differently about how we promote our homes. Now, more than ever, we need to embrace the digital world. 

What advice do you give buyers?

Buyers need to engage with agents in their area to get the best information. What you read or find online is good, but the source of the information is definitely not as wide or knowledgeable as talking to a local expert in real estate.  The top end of the market is particularly discreet, and the right home can be hard to find, sometimes rarely coming to market, so it is vital to speak to the right person. 

What are your vendors saying?

Vendors are checking in with us daily and weekly to keep their fingers on the pulse of the top end market. Though Melbourne’s prestige market is sensitive, it is sensible. Most top end homes are lifestyle decisions, not driven by investment motives or ROI, therefore, when we speak with vendors it is usually around the movement of the market and timing over the next 6 months. 

What are buyers saying?

I deal with many international buyers - there is no doubt that many would like to take advantage of the current situation and are motivated to buy this year. A significant percentage of international buyers are looking at buying in the next few months as the pandemic eases and once the lockdown is finished, they would like to physically inspect shortlisted homes. 

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Jamie with husband Philip and their son. Source: Jamie Mi 

What changes (if any) have you noticed in international buyers and sellers since the COVID-19 situation?

We have been seeing a definite increase in international enquiries since the beginning of the protests in Hong Kong in June last year. But since the pandemic began, buyers’ profiles have begun to change. Last year it was mainly Australian expats engaging with us. This year, we've seen a mix of buyer profiles, mainly from HK, Singapore, China, and other Asian destinations as well as the US. International sellers are keen to sell, but they don't have to. 

Under usual market conditions, are the buyers changing?

Yes, our buyer profile is getting younger, usually with a previous connection to Melbourne - it could be that they had their early education here; or perhaps they used to live here. 

Our latest KB research shows that in the premium segment of our residential transactions, more than 50% of buyers came from Asia. 

Where do you see demand coming from?

We see demand from across Asia, the UK, and the US, but particularly from China, HK, Singapore, and the US. It is being driven by Australian expats and buyers who have some kind of link with Melbourne or Australia.  

Demand also comes from Significant Investment Visa (SIV) clients, who comprise the majority of our Asian clients. Every year, some of these clients get their Permanent Residency, so they can be suddenly ready to buy, and those are the ultimate hot buyers. 

Are buyers downsizing or upsizing? 

Most of our buyers are aged between 30-55, so there tends to be more upsizing; however, they are also looking for apartments or townhouses for investment or as a first step into the Melbourne market. 

We find buyers are mostly looking to purchase a permanent home. However, expats or experienced buyers usually look for a town base, then a holiday home near the Mornington Peninsula.

What are your interests outside of real estate?

I love overseas travel. Before I had my baby boy, my husband and I used to travel all the time, combining business with holidays. Now that my boy is almost one and half years old, I love to travel even more, especially internationally, and get a lot of enjoyment seeing my two boys enjoying themselves. Obviously, international travel is restricted at the moment, but I’m looking forward to our next voyage. 

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Jamie's son is a well-travelled young man. Source: Jamie Mi

What is one thing you have learned over your years as a luxury agent?

I would say, always be truthful and respectful, everything happens for a reason, and the right cause will always end up with the right outcome. Top end real estate is such a long journey, and you grow with your client’s life journey. You get to share their lows and highs, their achievements and losses, and you can learn so much more than just real estate. 

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