Lunar new year gift from parents a $2.5m home

This year for Lunar New Year, Kira’s family are flying to Sydney from China to buy her a jaw-dropping $2.5m gift.

Lunar New Year is here and what better gift to bring in the year of the snake than with a brand new home.

Little red envelopes known as ‘red pockets’ filled with cash are a common gift for parents to give their children to celebrate the new year. This year, Chinese expat Kira Lee will be getting something much more valuable from her parents.

For Ms Lee, a marketing professional who has lived in Australia for more than 15 years, the Lunar New Year means her mother and father are visiting from China to buy her a new home.

“They’re lending me money and I of course will pay them back,” she said. “They’re here to help me find the right house to set up for the future.”

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Kira Lee is looking to buy a home. Picture by Max Mason-Hubers

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The budget for the home was $2.5m, and they were looking for a three or four bedroom home, enough space for future children and a room for her parents to stay when they visited.

Being close to Chinese communities, in a good school zone and near hospitals were also a priority.

“Also, importantly the property layout, for Chinese people, is another way to ensure good luck and fortune,” she added.

Plus Agency’s general manager Peter Li, who works primarily with Chinese-Australian buyers, says there has been a 20 per cent increase in buyer inquiries leading up to the holiday.

“It’s the new mobile banking, the bank of mum and dad come to you,” Mr Li said.

“We no longer have Overseas Chinese coming, buying, and leaving like before the pandemic. Now, we have Chinese parents visiting their Australian-resident children to help them buy a home and settle down permanently,” he said.

Mr Li said the local Chinese real estate market had been slow, so a lot of Chinese parents had more incentive to funnel funds into their children’s Aussie homes.

Peter Li from Plus Agency who said there was a surge in inquiries for Lunar New Year. Picture: Sam Ruttyn

Data from Chinese global real estate and technology group Juwai IQI showed Chinese buyers acquired $3.3 billion of Australian real estate in the last financial year.

Juwai IQI co-founder and managing director Daniel Ho said the weak Aussie dollar and weak Chinese market had encouraged more overseas property investment.

“Both new home sales and completions in China are down significantly compared to 2024. That gives investors little incentive to purchase property in China, making overseas real estate a much more appealing investment” Mr Ho said.

He said Australian permanent residents were increasingly relying on financial assistance from their family overseas.

Celebrations in Sydney for the eve of Lunar New Year. Picture: Richard Dobson

“Their parents in China may contribute a significant amount towards the purchase, but if the property remains in the name of a permanent resident or Australian citizen, it counts as a local purchase.

“We no longer see many pure offshore investors buying Australian real estate. Most are purchasing for their own use or for family members, with the expectation that the home will also be a good investment over the long term.”

Australia had previously been the top destination for Chinese buyers in 2022 and 2023, but Thailand had become more popular over the last year.

“(Thailand) works very hard at attracting both Chinese tourism and investment,” Mr Ho said.

Originally published as Lunar new year gift from parents a $2.5m home