CHINATOWN property values in Sydney and Melbourne continue to defy the ailing real-estate market, yielding prices 30 per cent higher than general property values.
Agents in Sydney and Melbourne report properties in the Chinatown areas have a mind and a market of their own, with continuing strong demand by a steady stream of affluent Asian investors.
''The Chinatown market is about 30 per cent higher than the rest of the market,'' said Philip Hill, manager of city sales with Baillieu Knight Frank in Melbourne.
''[Melbourne] Chinatown is a tightly controlled market, predominantly by wealthy Chinese. There are very few properties going and buyers hold on to them long term, which can sometimes mean 20 years. Often they are passed down family chains,'' said Steam Leung, associate director at Colliers Jardine in Sydney.
''I would say [Chinatown] is at least 30 per cent higher than the rest of the market, probably more,'' Mr Leung said.
''Most of the Asian investors I deal with are from Singapore, Malaysia and Hong Kong. They don't know the [real-estate] market in Australia but they feel confident in Chinatown. Chinatown has its own market which is the main reason why it stays so strong,'' he added.