Chinese-based investors are set to oust British buyers as the number one foreign speculators in the Australian market for the first time ever, new figures show. In total, Chinese overseas property buyers have spent approximately AUD 71.5 million during the 2009/10 financial year.
This represents a staggering 72 per cent rise compared to the previous 12 months, Colliers International has revealed. Indeed, the company added that this was the most prolific that Chinese buyers had been in over 20 years of researching.
Brinton Keath, Colliers International director of project marketing for the region, said that the Gold Coast had been the favoured destination for foreign investors for many years.
"In the past, overseas investment in residential property
locally has been driven by the lifestyle opportunities available," he said. "However, more recently foreign investors, particularly Asian-based buyers, are buying due to the affordability of tertiary education on offer.
"Chinese investors, in particular, are increasingly looking for property which is attractive to locals, largely due to Foreign Investment Review Board restrictions relating to the resale of properties."
- Wednesday 10 November 2010