Move over Sydney and Melbourne, their northern neighbour is fast becoming the new hot spot for foreign investors. Lower prices, closer proximity to Asia and great weather are some of the reasons Queensland property purchases are on the rise. Also of note in this article are the moves Australia needs to make in order to continue it's attractiveness for Asian buyers.
Queensland is perceived by a significant minority of buyers as better value than Sydney and Melbourne, and as the closest part of eastern Australia to China and more tropical, it attracts buyers motivated by lifestyle and environment.Mr Henry said Chinese buyers today were different than the Chinese buyer of two or three years ago.“Then, they were typically first-time buyers with little experience in international real estate markets. Today, they often already own a property in Australia or another country, and they are more comfortable with the country, the language and the market,” he said.Christine Rudolph of Ray White New Farm said 30 to 40 per cent of her sales in the last six months had been to overseas Chinese, mainly from Hong Kong, Shanghai and Singapore.