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Affluent Asians Eye Australia For Property Investment

By ExpatBriefing.com Editorial
26 February, 2014

 

Research published by HSBC reports that Australia is one of the most sought-after property investment markets for affluent Asians, with investments in Queensland and the Australian Capital Territory preferred over New South Wales and Victoria.

The study, conducted in September 2013, surveyed more than 7,245 people classed as "affluent" in China, Hong Kong, India, Indonesia, Malaysia, Singapore, and Taiwan. 2,700 respondents indicated that they own investment property overseas. Of these, Australia was named as the top destination for offshore property investment among wealthy Indonesians (19 percent), while Malaysians and Singaporeans ranked the country second (26 percent and 19 percent)

Eighteen percent of Indian affluent investors in the survey currently invest in Australia, as do 10 percent of Chinese investors, 9 percent of investors from Hong Kong, and 5 percent of investors from Taiwan.

HSBC's Head of Mortgages in Australia, Alice Del Vecchio, said that many investors are looking to make further investments in the year ahead, and that Australia's economy would benefit from new housing projects. She added that recent HSBC expat research has shown that Australia is consistently nominated as one of the top countries to live. 71 percent of expats have said that Australia provides a higher quality of life than the US and UK.

Many purchases have been close to universities. This may not be a coincidence, Del Vecchio said, pointing out that almost 70 percent of Australia's international students are from Asia.

Of the affluent Asians looking to buy in Australia in the next year, 25 percent intend to buy in Queensland, 23 percent in Australian Capital Territory, 20 percent in Victoria, 18 percent in New South Wales, and 16 percent in Western Australia. Del Vecchio contrasted a property price rise of 3.8 percent in cities such as Brisbane in the past year with rises of 13 percent in Sydney and 12 percent in Melbourne.

Currently, non-residents are barred from purchasing an existing Australian home, and temporary residents who buy a property must sell it when they leave. However, investors can buy vacant lots or uncompleted buildings. In October, a real estate agency in Sydney said in some parts of the city 80 percent of purchases were linked to Chinese buyers. There have been warnings of a property bubble, and calls for a stamp duty surcharge on foreign buyers.

Tags: India | Australia | China | Singapore | Taiwan | Hong Kong | Indonesia | Malaysia | Expats | Investment | Property Investment | Invest | Investment

 

 

 

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I hope all these foreign investors and their advisors have considered possible confiscation under "all crimes" (including foreign crimes) money laundering and failure to suspect such.

Dr Terry Dwyer
Dwyer Lawyers
www.dwyerlawyers.com.au

Terry Dwyer, 7 months ago.
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