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.
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
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