Much has been made about the influx of wealthly Chinese buying up Melbourne property. Both Balwyn & Kew are very popular; however, strong evidence is suggesting that wealthy local and offshore Chinese buyers are buying up opulent properties in one of Melbourne's finest suburbs Canterbury, (surprise real estate agents constantly tout about big sales in both Brighton & Toorak- closer inspection shows sometimes but not always the case).
At last count, roughly 12 mansions have been transacted along Mont Albert Road on the "Golden Mile"- so called due to its exculsivity (the most recent was 129 Mont Albert Road for $7.5 million). The "Golden MIle" runs west from Balwyn Road to Burke Road.
Approximately 10 mansions have been sold along what I think is the most expensive and finest residential streets in Melbourne, Monomeath Avenue, (a Chinese property developer bought the late Victorian Premier Sir Rupert Hamer's mansion next door to Kylie Minogue's family home for $9 million in 2008; the most recent sale was in October 2013 for $4.8 million at No. 25).
As for Victoria Avenue, (I consider this tree lined avenue as the most beautiful in Melbourne), only five or six homes have been sold to Chinese buyers. No. 38 did sell in early 2010 for $3 million).
We constantly hear about the uber-rich Chinese buyer (mostly from Mainland China) dropping $20 million for a Toorak mansion on St Georges Road. There are quite a few Toorak mansions that have yet to be sold- including 3 Towers Road & the Smorgon family estate on Orrong Road, (1 Towers Road was sold last year in June to a Melbourne businessman).
As for Brighton, well I'm not sure (there is still 12 Moule Avenue still up for grabs for a spare $20 million).
I simply don't get the media hype of the Chinese buyer/investor buying big in Brighton or Toorak when in reality they are quietly wheeling and dealing along Canterbury's esteemed "Golden MIle" of Monomeath Avenue, Mont Albert Road & Victoria Avenue. They might be wealthy businesspeople, top legal & medical practitioners or a very, dare I add, lucky lottery winner.
What do people think?