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.