Australia’s stable economy lures foreign investors
Posted on Monday, April 02 2012 at 11:56 AM
Australia is attracting high-end residential and prime office investment attention from emerging rich-list cities, according to Knight Frank Australia’s 2012 edition of The Wealth Report.
As Shanghai and Beijing emerge as the most rapid growth cities in regards to high net worth individuals, Australia is increasingly being targeted because it offers a stable economy, business transparency and good education systems; prime factors for locating luxury property and prime office buildings, said the report.
Knight Frank Australia executive chairman Stephen Ellis said if China continues its rapid escalation and commodity demand remains strong, Australia’s property market would ride alongside this growth.
“We are upbeat on prospects for cities like Perth and Brisbane that have strong links to the mineral and resources industries,” said Ellis.
“The stable economy, relatively low debt and attractive yields have attracted many offshore investors to Australia.”
Recent examples of prime office purchases in Sydney include the $395 million acquisition of an office building at 259 George Street by a Singapore billionaire, and the $153 million acquisition of two Martin Place office buildings by a South African investor.
“We are seeing an increasing number of international visitors in our boardroom. These are not always the usual suspects, but super wealthy privates from all over the world, especially Asia, who are hungry to buy Australian property,” said Ellis
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