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RP Data is using the MFAA annual conference to flag the launch of a new option to produce property reports in Chinese.
Australian brokers will be able to use their systems to produce Chinese property reports from next month, according to general manager of data products Greg Dickason.
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Mr Dickason told The Adviser that RP Data wanted to help brokers to take advantage of the growing Chinese borrower market.
He added that RP Data planned to introduce other foreign languages to its products in the future.
Meanwhile, RP Data research director Tim Lawless told the MFAA conference that the “the gross commission pie has reached record levels” following $246 billion of house and unit sales over the past 12 months.
Mr Lawless delivered a largely upbeat assessment of the residential market, which he said “absolutely underpins Australia’s wealth position”.
The residential real estate market is valued at $5.4 trillion, compared to $1.8 trillion for superannuation and $1.5 trillion for Australian listed stocks, he said.
Mr Lawless said that although dwelling values had recorded “strong” growth of 16.1 per cent since June 2012, there had been substantially higher capital gains in previous cycles.
Values jumped 38.8 per cent between 2001 and 2003 and 21.1 per cent between 2009 and 2011, he added.
“Sydney and Melbourne are driving the high rate of capital gain; however, over the long term, growth is looking more sustainable,” he said.
“With renewed capital growth, every capital city has seen equity improvements over the past two years.”
Mr Lawless said it was still a seller’s market and that loss-making sales have been declining. He also said first home buyers had been confined to the “sidelines” due to a surge in activity by investors and upgraders.
The Adviser will explore the Chinese market in greater detail in its June issue.
