(Yicai) Aug. 2 -- Australia has overtaken Canada, the United Kingdom, and the United States as the favorite location for buying property overseas among Chinese people, according to a report by global real estate firm Juwai IQI.

Australia has always been one of the most popular destinations for Chinese and Southeast Asian people looking to buy homes abroad, immigrate, or study overseas, together with Thailand and the US, said Daniel Ho, managing director of Juwai IQI.

Since the start of the year, the number of Chinese inquiring about properties with Melbourne-based realtor Kay & Burton surged 40 percent from a year earlier, Jamie Mi, head of its international division, told Yicai. In-person viewings by Chinese clients has also soared by at least 50 percent, he added.

Most buyers are families with children studying in Australia or Chinese with bridging visas, said Peter Li, general manager at Plus Agency, one of Australia’s top 50 real estate agencies.

The growth rate of Chinese students applying to study in Australia in the first half exceeded those seeking to go to the UK and the US. From July last year to March this year, more than 71,600 were granted visas, according to the Australian Bureau of Statistics.

Moreover, Australia’s home prices are affordable, Ho noted. Local policies allow international students to stay for three to five years after graduation, longer than in the UK and the US, he said.

International students in the US are allowed to stay for one to three years after graduating, while those in the UK can stay for up to two years afterward.

“We also noticed that many Chinese companies have recently turned to Australia and Southeast Asia from the US,” Ho pointed out, adding that these firms need to find premises for their businesses and also accommodation for their employees.

The share of foreign buyers in Australia’s new homes market soared to a two-year high of 7.9 percent in the first quarter, but fell to 5.9 percent in the second, according to the results of a survey by National Australia Bank. Market insiders said it will probably increase again in the next 12 months.

Editors: Shi Yi, Futura Costaglione