Brisbane experiences recent influx of asian property investors

A recent influx of interest in Brisbane property from Asian investors is yet another indicator of a burgeoning local market. Over the last six months, we have received a significant increase in enquiries from investors from China, Singapore, Korea and New Caledonia, for inner-city Brisbane property.

Our figures are matching independent reports that Queensland is the second most sought-after state for foreign investors, in front of New South Wales, with Victoria leading the way. According to statistics released by the Foreign Investment Review Board, foreign property buyers bought $14.9 billion worth of Australian houses and land last year!

The increase in international interest for local property was an indication that Brisbane property is not over-priced or in a "bubble," as had been suggested by media reports recently.

Overseas investors, particularly those from Asia, have identified that Brisbane represents an affordable option for them to invest in property - something that is unattainable for them at home. Furthermore, what they can get in Brisbane, with regard to size, property type and proximity to the CBD, far outstrips their local options.

Overseas investors were buying property to house their international staff, or staff who travel to Brisbane headquarters for business frequently, rather than putting them up in a hotel. We are also seeing Asian investors purchasing property for their children to live in while they study in local educational institutions, considered among the best in the world.

Following the effects of the Global Financial Crisis, Asian investors were searching for stronger and safer opportunities in which to invest their money. They have identified that Australia withstood the effects of the GFC relatively well, and are choosing to invest here, rather than locally or in Europe or the United States.

Foreign investors and non- permanent residents of Australia needed to make an application through the Foreign Investment Review Board prior to purchasing property or land, with the exception of new dwellings where the developer has pre-approval to sell those dwellings to foreign persons. This strong interest from overseas should be a very good indicator of the opportunity of local property growth potential, particularly when compared with the rest of the world.

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