Foreign investment reforms, and tax incentives have helped make Australia a haven for foreign investors.
According to a report in The Australian Financial Review, there has been an influx of foreign investment funds acquiring commercial property in Australia.
“Over the last 12 months we have seen an increasing number of major investors from Europe, North America and throughout Asia turn their eyes to Sydney, and other Australian commercial property markets,” Jones Lang LaSalle’s agent Simon Storry said.
Jones Lang LaSalle recently sold the Sydney landmark office tower Aurora Place to a foreign investor in conjunction CB Richard Ellis for $685 million.
Last month, the Rudd government took steps to make foreign investment in Australia even easier.
Under the government’s proposed reforms to the current foreign investment procedures, the federal government aims to make notification procedures more streamlined, ease the rental restrictions on new dwellings and remove all development restrictions on new dwelling sales to foreign investors.