Rise in people in Hong Kong searching for Monash houses during protests

Ongoing protests in Hong Kong have attracted worldwide attention — and the impact is also being reflected in property markets in Melbourne’s east, where the city’s Asian community is concentrated.

Police officers clash with protesters at Central Station in Hong Kong. Protests have been running for months. Photo: Carl Court/Getty Images

People living in Hong Kong are inquiring about real estate in Melbourne’s eastern suburbs more than any other country, according to a leading real estate advertising company.

As the Chinese-controlled region roils through a series of protests and heavy-handed tactics from authorities, the REA Group confirmed the rise in inquiries and searches for properties in Monash.

Football fans took the chance to protest at the end of the World Cup qualifying match between Hong Kong and Iran on September 10. Photo: Carl Court/Getty Images

realestate.com.au chief economist Nerida Conisbee said searches for properties in the Monash and Whitehorse areas was led internationally by Hong Kong, “making up nearly 25 per cent of all (international) searches in that area in the last 12 months”.

“Glen Waverley and Mt Waverley are the most frequently searched,” she said.

“Across Australia, there has been a clear uptick in searches from Hong Kong to Australia in the past month.”

However, that hasn’t translated into sales — yet.

Biggin and Scott senior area manager Julie Karl said while Hong Kong residents may be looking at properties, it was not a case of simply packing up and going.

“Only people who have already got permanent residence may be looking at buying immediately,” she said.

“There may be a lot of housewives who live here while their husbands work in places like Hong Kong, Singapore or Malaysia, where taxes are lower, while taking advantage of the education system here.

“Those who may be working in Hong Kong might be ones who have decided ‘enough is enough’.

“But they are permanent residents, Australian citizens, themselves. Those who are caught in the Hong Kong situation can’t get residency just like that.”

Residents and protesters sing songs and shout slogans at a shopping mall after business hours in Tai Koo district. Photo: Anthony Kwan/Getty Images

Other issues reducing the likelihood of a wave of sales include reports of poor construction — such as the Opal and Mascot towers and residents evacuating from a Mordialloc apartment block — and the taxes involved for foreign investors without permanent residence.

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“So many factors have to work before a Hong Kong person can come over here,” Ms Karl said.

“It is all talked up, but there are technicalities.”

She said it was more likely that people were planning years ahead.

“I’m sure that people are planning because if the Hong Kong situation carries on … but it is not happening at the moment,” she said.

“A lot of buyers are saying they are waiting to get a residency visa.”