Investment Property Property News | Chinese buyers overtake Japanese as top foreign spenders in Oz

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Chinese buyers overtake Japanese as top foreign spenders in Oz

2/1/2012 5:46:00 AM

Overseas property buyers from China have overtaken the Japanese as the biggest spenders in the Australian state of Queensland, having upped their buying pattern three-fold during the global financial crisis says a new report from the agency group CBRE.

More than 30% of all Australia’s real estate investment from abroad is coming from China, and Queensland is a popular target. The Chinese account for 40% of foreign sales on the Gold Coast and 35% in Brisbane.

Villas near golf courses, luxury homes for business executives in the city centre and apartments for children studying in Australia sell best.

Chinese capital is also financing 9% of Australia’s new apartment building programme says CBRE. The last time Australia saw overseas property activity on the scale was the Japanese-led building boom of the late 1980s.

Source: OPP.org.uk