Beijing-born Jamie Mi moved to Australia 15 years ago and now serves as an international relationship executive at real estate agency Kay & Burton, working primarily with Asian buyers looking to purchase property in Melbourne. She still goes back to China about once a month, she said, and has her finger on the pulse of what Asian buyers are looking for.
We caught up with Ms. Mi to discuss real estate in Victoria’s capital city, where to invest and more.
Mansion Global: Describe your dream property.
Jamie Mi: A period home that’s completely renovated. In Melbourne, you’ll see a lot of beautiful, original homes that are run-down inside. And it’s becoming a real trend to redo them entirely on the inside.
MG: What does luxury mean to you?
JM: I look after Chinese people who fly here specifically to buy property, but we also advise them on buying cars and other luxury items. It’s customer service all around, and it’s not just about property. We know our clients very well.
As someone who looks after Asian clients, luxury is about fresh air, education and security. Many Chinese clients come to Melbourne for clean air and for stability. That’s the ultimate luxury for them.
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MG: What area do you think is the next hub for luxury properties?
JM: In Melbourne, the value is still quite good; people might want to look into suburbs like Toorak. It’s got good schools and it’s multi-cultural. Sydney is comparatively already very expensive, but places like Point Piper have value.
Some of the other places I’d keep an eye on are: Bel Air in Los Angeles, Chevron Island in Gold Coast, Flinders in Melbourne for luxury country properties, Chaoyang Gongyuan in Beijing and Pudong in Shanghai.
MG: What’s the biggest surprise in the luxury real estate market now?
In a negative way, the biggest surprise is how hard it is to get money out of the country, specifically in Hong Kong, Singapore and China.
The biggest surprise, in a positive way, is that people are buying bigger properties and larger land. Families are bigger.
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MG: Where are the best luxury homes in the world and why?
JM: From a buyer’s perspective, people care about security, a good climate and a stable government. If you think about that, London is not necessarily that popular at the moment. We have clients coming from London to Melbourne.
There’s still a lot of value in places like Cyprus and Greece. Chateaus in the countryside of France are amazing. Keep watching those second-tier places. Those are becoming quite interesting.
MG: What’s your favorite part of your home?
JM: The attic area. I’ve set it up as a cinema and it’s there where I can climb up the ladder and just get away from everyone.
MG: What’s the most valuable thing in your home?
JM: The wardrobe. It used to be a bedroom, and now it’s a closet. In Melbourne, you have four seasons, and you have to cater to all of them.
MG: What’s the most valuable amenity to have in a home right now?
JM: Sound systems, security and smart-home features. For luxury properties in Melbourne, people like a second kitchen.
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MG: What’s your best piece of real estate advice?
For buyers: Buy now. We have buyers who wait four years and still haven’t bought anything. You will never find the perfect home. Don’t wait.
For sellers: Decorate your home and style it properly before you consider selling it. Engage with a proper stylist. Like everything that has to do with marketing, you have to package it right.
MG: What’s going on in the news that will have the biggest impact on the luxury real estate market?
JM: In the media world, there’s a big focus on celebrity real estate. Now, people who are buying luxury homes who are well known in business or other fields are very cautious about their privacy. People don’t want to expose that… In my opinion, it’s creating an enormous amount of trouble for my Chinese clients who would rather stay anonymous.
MG: What is the best area now for investing in luxury properties?
JM: You have to look at land size and cool locations. I think it’s all about the second-tier cities, but you have to be selective.Think good weather, and location. Maybe somewhere close to Queensland, somewhere in Perth.
I always say if you buy an investment, you want to be no more than two kilometers from the city center. If you want a lot of land, you want to be no more than five or six kilometers from the city.
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MG: If you had a choice of living in a new development or a prime resale property, which would you choose and why?
JM: An older home. I would prefer to live in an established building. I’m not a "new" person.
MG: What area currently has the best resale value?
JM: Developing real estate markets. In Shanghai, for example, the exact same apartment would sell for 35 percent higher this year. Look at Singapore, Shanghai and Beijing.