QLD most sought after state for property - foreign investors

Queensland is the second most sought-after state for foreign investors wishing to buy property - in front of New South Wales, with Victoria leading the way.

According to statistics released by the Foreign Investment Review Board, foreign property buyers bought $14.9 billion worth of Australian houses and land last year.

The increase in international interest for local property was an indication that Brisbane property is not over-priced or in a “bubble,” as had been suggested by media reports recently.

Overseas investors, particularly those from Asia, have identified that Brisbane represents an affordable option for them to invest in property – something that is unattainable for them at home. Furthermore, what they can get in Brisbane, with regard to size, property type and proximity to the CBD, far outstrips their local options.

Overseas investors were buying property to house their international staff, or staff who travel to Brisbane headquarters for business frequently, rather than putting them up in a hotel. Asian investors also purchase property for their children to live in while they study in local educational institutions - considered among the best in the world.

Following the effects of the Global Financial Crisis, Asian investors were searching for stronger and safer opportunities in which to invest their money. They have identified that Australia withstood the effects of the GFC relatively well, and are choosing to invest here, rather than locally or in Europe or the United States.

If you are interested in buying property in Australia, speak to one of the property advisors at Intellichoice or visit www.intellichoice.com.au for more details.