Property investors bought some USD 3.1 billion worth of Australian real estate last year
, up from the USD 1.2 billion the previous year. New Jones Lang LaSalle (JLL) research has revealed the huge increase in interest in the asset class.
Overseas buyers accounted for 24.3 per cent of all property transactions in 2010, highlighting the fact that the strong Australian dollar is not proving to be a deterrent.
"Australia has one of the most transparent real estate markets in the world and good financial regulation. This is appealing to foreign investors, as is our proximity and investment in Asia," David Rees, JLL head of research, said.
"You can argue that the strong Australian dollar is a symptom of a strong economy. Some investors may argue it is a hurdle to investing, but offshore buyers seem to think otherwise."
Elsewhere in the market, residential property in Australian capital cities
fell more than one per cent in the three months to April. The latest RP Data-Rismark home values index revealed that the decline was led by losses in the luxury property market.
- Wednesday 08 June 2011