Chinese buyers overtake japanese as top foreign spenders in oz

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