Lucky numbers down for the count among younger Chinese buyers

Chinese buyers’ superstitions around property purchases are beginning to wane as a next generation prioritises value.

This Vaucluse mansion at 38a Wentworth Road with a price guide of a $60m is receiving much interest from Chinese buyers.

Chinese buyers’ superstitions around property purchases is beginning to wane as the next generation of buyers prioritise value.

The number eight in Chinese culture is associated with good luck, prosperity and success. For this reason, street addresses featuring the number had a huge advantage on the market, with buyers also adding a couple of eights into the purchase price for added security.

On the other hand, the number four was largely avoided due to its similar pronunciation to “dead” in both Cantonese and Mandarin.

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The number nine is associated with long life.

Superstitions around numbers have led to some impressive purchases. The most expensive house to ever sell in Brisbane, a mansion built into the cliffside at 1 Leopard Street, Kangaroo Point, sold to a Chinese couple in 2017 for $18,488,888.

Last week, a property at 88 High Street, Hunters Hill, sold for $5.98m at auction to local buyers, complementing the sale of neighbouring 88 Park Street, Hunters Hill, which sold to a Chinese family for $5.88m two years ago.

Meanwhile, a harbourside Vaucluse mansion at 38a Wentworth Road with a price guide of a $60m is receiving much interest from Chinese buyers.

Chinese-Australian real estate agent Sam Guo was once asked about lodging an application with council to change a street address to exclude the number four. He has also watched buyers offer more on a property to include the lucky number eight.

But lately the Gold Coast Ray White agent has noted a distinct drop-off in such demands as the next generation of increasingly westernised buyers are more focused on overall price.

“The older generation (are) more cautious than the younger generation,” Mr Guo said.

“The younger generation when they come to buy property in Australia, they are more westernised and probably went to university here, so they are more open minded and less superstitious.”

Hong Kong-born property investor Connie Mak says younger generation Chinese are showing little regard to the house number that will give a buyer good or bad luck.

“This started in the past few years, the younger Chinese are more interested in making a good return on their investment," said the Sydney-based Mrs Mak.

Traditional superstition is much more prevalent in commercial deals than residential, with a greater emphasis put on prosperity and wealth building in the corporate world.