Overseas market interested in Australian real estate
The cities of Australia are the latest destination for globally-minded property investors. New York has been an attracting property since the 1950s, with buyers drawn in by the city’s fame. Now the Australian is the main focus for investors.
Before four years, the government of federal relaxed some of the rules which restrict the foreign citizens from buying of real estate of Australian. Now people who have been residents for more than 12 months may qualify to buy the established property, a change that has opened the door to an area of interest from purchasers of overseas.
Most prominent are buyers from the country of Hong Kong, China and Singapore, who are mostly favouring the apartments of inner city and family homes in Melbourne’s eastern suburbs and on Sydney’s North Shore.
But they are not alone; Malaysian, Taiwanese and South Korean buyers are in the market, targeting the new apartments and townhouses in east coast side of cities. Perth is showing interest from the South Africa and investors from the Middle East are merely active in southeast Queensland.
Why are the overseas market interested in buying here?
Overseas-based buyers are investing here for many reasons:
1. Australia real estate has proved an investment with security, while perennial favorites – think that the US shares and European bonds have been surprisingly more volatile.
2. Wealthy families are the investing part of their portfolio offshore because of the concerns about the stability of political or the sometimes arbitrary actions of the officials of the government.
3. Purchases are tied in with establishing a residency for a family member in a safe prosperous country like Australia.