Chinese buyers are seizing multi-million dollar homes in a matter of hours as the Australian real estate market collapses

By plane, Chinese buyers are taking full advantage of falling real estate prices in Australia, spending $ 12 million in just 24 hours.

The homes, all located in the suburbs of Kew, a affluent suburb of Melbourne, have been foreclosed by buyers eager to take advantage of the collapse of the property and a favorable exchange rate between the Australian dollar and the the Chinese yuan.

In one case, a Chinese buyer arrived from Macau by plane in the morning and inspected and bought two neighboring properties on Burke Rd for $ 7 million before leaving early the next day.

A Macau-based Chinese buyer bought the property 1209 Burke Rd, Kew (pictured) and in his neighbor's house for $ 7 million this week

The buyer arrived by plane in the morning, inspecting the property before closing the two-house transaction and departed the next morning at 1:30 am (photo 1209 Burke Rd).

Rebecca Edwards, of Kay and Burton Hawthorn, was surprised by the sales. She said the Chinese New Year was often the subject of much discussion and action, reported Realestate.com.au.

However, due to the current drop in housing prices, the Chinese consider Australia as a "safe haven" and are quickly returning to the market, she said.

Properties 1207 and 1209 Burke Rd were to be auctioned this weekend, but their owners decided to take advantage of the early offer made by Chinese buyers to avoid any uncertainty.

Buyers are planning to settle in Australia in about a year as they have children enrolled at Kew's local private school.

The house dates back almost a century and includes a modernized kitchen and a swimming pool (photo 1209 Burke Rd)

The prestigious two-story home also includes four bedrooms, three bathrooms and a king-size living room with a fireplace (photo: 1209 Burke Rd)

Another house located in Wimba Avenue, Kew, was also sold to a buyer residing in Mainland China and went to Australia specifically for the home inspection, which was held in the United States. is sold about $ 5 million.

Some Chinese buyers can buy properties because they have permanent residence in Australia, but many live abroad.

It has also been reported that buyers in temporary residence avoided being denied a home loan by making offers of several million dollars in cash.

Chinese buyers are turning more and more to Melbourne for their potential new home as more than half of their searches are done in the Victorian capital.

Prosperous suburbs such as Glen Waverley and Box Hill are among the most sought after.

Chinese buyers are flocking to Melbourne to take over a property during the current drop in housing prices, with more than half of their searches in Australia being done in the big city (image in stock)