Real estate agents have been trying to tailor auction campaigns to the cashed up Chinese market amid what’s expected to be a big week of spending over the Lunar New Year period.
As strong buyer demand drives premium results in Sydney suburb Hunters Hill, two luxury homes have hit the market with auctions scheduled for the Lunar New Year week, with Tuesday marking the start of the Year of the Horse.
Raine and Horne Hunters Hill agent Emma Challen, who does many of her deals in Mandarin, said she was timing some of her campaigns to coincide with Chinese holidays.
“Because of my understanding of Chinese culture having lived there for many years, I have tailored my real estate campaigns around when the majority of Chinese people go away and come back,” she said.
“We definitely saw more Chinese buyers through the door at the beginning of the campaign because it was outside of the Lunar New Year and then we saw more come back (this week).
“I think there’s a renewed sense of optimism with Chinese, especially being the year of the horse.”
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22 Princes Street, Hunters Hill is set for auction on February 21
Raine & Horne Hunters Hill reported in a media release they had two luxury homes going to auction this weekend to coincide with Lunar New Year week – often a period of higher demand for property purchases.
The two residences, including a five-bedroom, five-bathroom home at 22 Princes Street and a four-bedroom, five-bathroom duplex at 10 Earl Street are scheduled for what is said to be hotly contested auctions on Saturday, February 21.
Ms Challen, Principal of Raine & Horne Hunters Hill and Gladesville, is marketing the two properties. The listings were reported to be attracting demand from downsizers and families in search of high-quality, turnkey, low-maintenance homes close to elite schools, transport and village amenities.
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Inside the Princes Street home
The freestanding Princes St home has a price guide of $6.38m, said to be attracting strong interest from young families and boasting city views of the Harbour Bridge and Centre Point Tower.
The other listing, on Earl St, has a guide of $4.5m-$4.95m and has been drawing strong downsizer buyer queries since hitting the market.
According to Ms Challen, family living has been well-planned in the Princes Street home with the layout lending itself to multigenerational living with a downstairs master bedroom and a full bathroom.
Fierce bidding is also expected at the Earle Street new double brick Torrens title duplex with a lift servicing three levels.
According to Ms Challen, Hunters Hill amenity has always lured buyers, with great schools, picturesque gardens and a great lifestyle on offer.
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10 Earl Street, Hunters Hill. nsw re
A broad buyer demographic and long-term capital growth of the suburb has been reflected with Raine & Horne Hunters Hill recording two major record results in recent months.
The former sales included a four-bedroom house at 28 Rocher Avenue that attracted $3.865m prior to auction in December, setting a street record for a rebuild.
Ms Challen set another suburb record with the $5.05m auction sale of a new designer duplex at 10A Earl Street.
“The duplex is ideal for those looking to downsize, particularly the baby boomer downsizer who wants something modern and doesn’t want to comprise on luxury and elegance,” she said.
Ms Challen’s fluency in Mandarin and local knowledge was said to help differentiate Raine & Horne Hunters Hill.
“Having also lived and worked in Beijing and studied Mandarin, I’m able to communicate directly with many of our Chinese buyers,” she said.
“It’s helping us reach a wider audience and ultimately attract more buyers to our listings.”
Ms Challen moved to Beijing 16 years ago “purely to study Mandarin”.
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Emma Challen
“I was in sales and marketing senior roles in multinationals and I quit that career to go and study Mandarin,” she said.
“It’s the best of both worlds, in my area I’m a fourth generation local, but then I also have the bilingual skillset. “
At open homes, Ms Challen said they are seeing a combination of second or third generation buyers from the area but also a lot of more recently settled Chinese buyers.
“It just helps bridge the gap with any buyers looking in this area and the surrounding areas,” she said.
Ms Challen said she has also taken this into account in the timing of all of her campaigns.
“Because of my understanding of Chinese culture having lived there for many years, I have tailored my real estate campaigns around when the majority of Chinese people go away and come back,” she said.
“We definitely saw more Chinese buyers through the door at the beginning of the campaign because it was outside of the Lunar New Year and then we saw more come back today.
“I think there’s a renewed sense of optimism with Chinese, especially being the year of the horse.”
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