Chinese buyers returned to the Australian housing market, and Sydney's Upper North Shore property sold $4.7 million in China, setting a new local record
The Herald Sun reported on April 1 that affluent Chinese buyers have rekindled interest in Australian property as the federal government reopens its borders. At a recent auction in China, a Townhouse on Sydney's upper north shore sold for $4.7 million, breaking the local record for similar properties.
According to the report, the townhouse in Lindfield was one of the most expensive properties of all the properties sold in the Woseley Eight project on that day. Plus Agency's Peter Li said buyers in both mainland china and Hong Kong have been more aggressive this year, which could stem from the relaxation of restrictions and the reopening of international borders, "before buyers wanted to return to the market, but the border was closed".
According to the 2022 International Property Market Outlook Released by Property Portal Investorist, Asian buyers will invest more than $2.6 billion in the Australian property market in 2021, but only 2%, which is comparable to that of EU and Japanese buyers. Jon Ellis, founder and chief executive of Investorist, said investor interest in the Australian property market would slowly recover in the coming years as Australia remained seen as a financial haven.
Ellis said: "I don't think [reopening the border] will have an immediate effect, and the number of arrivals is only slowly increasing." Property investors averse uncertainty, with Russia and Ukraine currently at war, while Britain is also mired in it. This has put off Asian buyers. But from an international perspective, the Australian market has always been very attractive. ”
Overseas buyers have been slowly returning to the Australian property market over the past 6 months. Last November, Plus Agency held its first post-pandemic sales campaign to promote a luxury townhouse project in Lindfield called Deluna Residences. The project unexpectedly sold out in two hours, with a maximum transaction price of $3.55 million. Ellis said about 80 per cent of Asian buyers interested in buying a home in Australia were moving to the country in the future.
Australia and India signed a temporary free trade agreement to increase export diversification
After years of negotiations, Australia will sign an interim free trade agreement with India in the near future. Under the agreement, more than 85 per cent of Australian goods will be exempt from customs duties when they enter the Indian market. At the same time, 96% of Indian goods will also be exempt from tariffs when they enter the Australian market.
Australian Trade Minister Dan Tehan and Indian Trade Minister Piyush Goyal will complete the signing ceremony online. The Australian Broadcasting Corporation reported that the Coalition party praised the agreement as an important step in Australia's efforts to diversify its export markets.
Australian Prime Minister Scott Morrison said the signing of the Australia-India Free Trade Agreement, Australia's seventh largest trading partner, would open the door to an emerging market. "The agreement opens the door for Australian farmers, manufacturers and producers to one of the fastest growing emerging economies in the world. With a population of 1.4 billion and huge consumption potential, the AUSFTA can strengthen the Australian economy and boost employment. ”
The Daily Mail reported that the total bilateral trade between Australia and India currently exceeds $24 billion, and it is expected that by 2035, Australia's total exports to India will increase to $45 billion. Under the FTA, tariffs on lamb and wool products will be eliminated directly, while tariffs on products such as onions, nuts and fruits will be phased out over the next 7 years.
In addition, tariffs on goods such as coal and metal ores will be eliminated and wine tariffs will be reduced. Morrison said the agreement was good news for lobster fishermen in Tasmania, wine producers in South Australia, nut growers in Queensland and miners in Western Australia.
The signing of the APEC will also benefit the tourism and education sectors, and the two countries will mutually recognize professional qualifications, licensing and registration procedures. In addition, the number of Indian citizens coming to Australia for work and vacation will also increase. Australia's Trade Minister Dan Tehan said the signing of the agreement would strengthen Australia's relationship with India, create new opportunities for businesses in both countries and lay the groundwork for a more comprehensive free trade agreement.
It takes an average of 29 days to sell a home, with the fastest growth in the number of listings in Melbourne in Australia
According to The Times, CoreLogic data shows that it now takes an average of 29 days to sell a home in Melbourne, compared to the same period last year, an additional 3 days. Selling an apartment costs an average of 44 days, an increase of 1 day over the same period last year. Still, selling a home is now faster than it was before the pandemic.
Compared to this time last year, where remote work has left buyers scrambling to find larger homes with courtyards, there has been the biggest increase in the time it took for homes in Melbourne's suburbs to sell. Located on the Mornington Peninsula, a suburb of Melbourne's southeast, the average sale time has been extended by as much as 8 days.
In addition, CoreLogic data also shows that the number of listed homes in Melbourne is the fastest growing of any capital city, 7.2% higher than the 5-year average. "Landlords are taking advantage of the very good selling conditions at the moment because it's expected to be more challenging later this year," Lawless said. It gives landlords an incentive to enter the market immediately, while buyers are also given some bargaining opportunities. ”
The Rob and Georgia Yoannidis are selling their house in Eltham. It's a beautifully renovated four-bedroom apartment that they've been buying for 23 years. The Joanidis couple plan to move to the Gold Coast with their two children. The two said they were more worried about the price they sold than how long it took to list on the market to sell. But observing market movements, they found that the house sold quickly, "and our neighbor at the door sold the house within a week." We are not in a hurry to sell a house, if it needs to take longer, it will be spent. The two said.
Australia will invest $23 million to produce "life-saving drugs" in China, and the Chinese district will build a research and development center
Under a $23 million grant program from the federal government, customized life-saving drugs for patients to treat cancer, kidney disease and other diseases will be produced in Victoria. Morrison will announce the investment in the Australian Precision Medicine Enterprise project on Monday to boost Australia's indigenous production capacity for new drugs, the Herald Sun reported on April 4.
"Producing these medicines in Australia means safer, undisturbed, more homegrown technology and more local jobs," he said. Enhancing our ability to produce these products is key to our plans for a stronger future. This pandemic has shown us that we need to get what Australians need on home soil more than ever, and this project will help ensure we deliver critical precision medicines to our patients. ”
Australia currently relies on imports of more than 90% of its medicines. But the $71.2 million Australian Precision Medicine Enterprise project will help solidify the development of precision medicine in Australia. Global Medical Solutions Australia will work with Monash University and Telix Pharmaceuticals Pharmaceuticals to produce precision medicines to treat cancer, kidney disease and other diseases in Australia.
The investment, under the Morrison administration's Modern Manufacturing Initiative, will help build a new R&D facility in Clayton, Melbourne. The building will also provide dedicated areas for collaborative R&D activities and a venue for clinical trials and clinical use of other radiopharmaceutical products. Australian Industry Minister Angus Taylor said the project would help develop technology and expertise that Australia does not currently have. "By combining R&D with local production of precision medicines, we are strengthening the resilience of our supply chain," he said. ”
The facility will directly support 42 jobs and add another 105 jobs in the supply chain. It will also create highly skilled jobs in healthcare, including radiochemists, radiological pharmacists and engineers, while bringing a $461.8 million boost to the economy over the next 15 years.
Health Minister Greg Hunt said the project will be in partnership with the Monash Biomedical Imaging Centre, National Synchrotron, and Victorian Heart Hospital.