Welcome to a Tuesday edition of 2 Sense on the Australian Property Podcast, where we break down the biggest news headlines of the week and tell you what this really means for you. Mortgage Broker Chris Bates and Buyer's Agent Pete Wargent discuss Chinese buyers roar back, Aussie property prices hit record highs, and how El Ninois impacting farmland Story 1: Chinese buyers return to Aus property As Chinese students and migrants return to Aus, pathways to foreign buyers pick up again. Enquiries are up 76% YoY in Q2 (Juwai) after 3 years of lockdowns FIRB saw approvals rise 40% over the year for Chinese buyers in FY2023, with a boom in the June quarter this year Where? Mostly a Sydney/Melbourne dynamic, and more into larger homes this time around – houses and townhouses more than small units Why? Chinese borders reopened in January so there is a lag effect at play here, and we are now seeing the catch-up Capital flight, aspirational to own Aus property and move to/live in Australia What next? Story 2: Aussie property prices return to record highs (The Aus, PropTrack) Prices fully recovered downturn by September 2023, a bit different from what some have forecast! Where? Adelaide, Brisbane, Perth, and Sydney just -0.3% below the record Why? Record population growth, few forced sellers, low stock, rising rents, soaring building costs What next? Steadier growth into 2024 and 2025 Story 3: Farmland returns drop to 8-year low on El Nino Farmland impacted by weather, foreign owners have sold to lock in gains at high prices Why? Cyclical, weaker commodity prices, El Nino, and some sellers locking in gains What next? Foreign ownership to rebound as the world opens up, FIRB restrictions have had an impact Australian Property Podcast resources: Story 1 Story 2 Story 3 Australian Property Podcast online - videos, notes & resources Ask a question Chris' mortgage broking Amy's new property course Amy's 100-point checklist (PDF) Pete Wargent's property coaching Join Owen's Rask Core membership for $0.99 INFORMATION WARNING! This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Full individual disclosures for each guest are available via the show notes page. Owen and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg Learn more about your ad choices. Visit megaphone.fm/adchoices

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