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Asian investors snap up Queensland properties

Asian investors now dominate as the biggest foreign buyers of property in Queensland. Daryl Passmore reports for The Sunday Mail (Qld). April 09, 2012 -- Latest figures from the state's Registrar of Titles show Malaysian investors topped the list, with purchases totalling $303.8 million in 2010-11. Buyers from Singapore, China and Japan took the next three spots. Investors from the four countries accounted for $744 million worth of property deals - more than half the $1.2 billion spent by overseas purchasers. It continues a trend set the previous year when South Koreans pipped Singaporeans as the top buyers, nudging out traditional sources of investment such as Britain and the US. The biggest deal last financial year was the $287 million sale of Santos Place, a 40-storey, six-star green office building in Brisbane's Turbot St by Nielson Properties to one of Malaysia's largest pension funds, Permodalan Nasional Berhad. Research released by real estate services firm Jones Lang Lasalle reveals nearly a third of buyers of Australian commercial property last year were from overseas, spending $5.2 billion. OVERSEAS PROPERTY PURCHASES 2010-11 Brisbane Malaysia.....................$293.2m Singapore..................$97.7m China.........................$36.5m USA...........................$17.7m Taiwan.......................$8.7m Gold Coast China........................$97.3m Singapore.................$53.3m South Korea...............$28.8m New Zealand..............$20.7m Japan........................$15.5m Sunshine Coast Japan....................$96m UK.........................$10.3m South Africa.............$8.6m USA.........................$7.1m New Zealand..............$6.9m Cairns PNG............................$4.4m UK...............................$3.5m Japan..........................$1.8m Queensland Malaysia......................$303.8m Singapore....................$160.5m China..........................$148.6m Japan.........................$130.7m UK...............................$92m Germany......................$62.7m Others...........................$339.6m Total.............................$1.2 billion