Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

India, China find Gold on Coast

By Michael Crawford
10 September 2014 | 1 minute read

India has been tipped as the next country with investment sights firmly planted on Australia, and the country that will create the most competition against China for real estate.

While the Foreign Investment Review Board debates the legalities of foreign investment on Australian shores, Indian private business investment increased 75.8 per cent over the five years to 2013, eclipsing China’s growth of 41.7 per cent.

One Gold Coast real estate agent who spoke to Real Estate Business on the condition of anonymity said a lot of the local investment is from young professionals with children getting their foot in the door.

Advertisement
Advertisement

“We filed enquiries from lots of buyers from a Chinese or Indian background and they have the cash,” they said.

“They are purchasing from their homes overseas because their children are already, or about to, attend universities in Australia.”

Real estate mogul John McGrath said Aussies should expect the rising Indian middle class to follow China as key foreign investors in Australian real estate.

“Research released from HSBC states 18 per cent of affluent Indians are already invested in Australian real estate – double the number of affluent Chinese who have already invested,” Mr McGrath said.

“Queensland is the number one state of choice among affluent Indians considering investing in Australian property, closely followed by Victoria.”

Ray White Surfers Paradise CEO Andrew Bell said overseas buyers on the Gold Coast have been perceived as more active because the local buyers didn’t want, or didn’t have, the confidence to buy.

Mr Bell said these purchases were not a threat to first home buyers because the sales helped many through the GFC.

“What we are seeing now is a lot of Asian buyers who aren’t buying as foreign investors, they’re buying with the intention of moving here and assimilating – they want to integrate with the community,” he said.

 

India, China find Gold on Coast
Worldandgraph
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.