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Foreign Investors Rule Australian Rental Housing Market
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Foreign investors are now dominating the Australian rental residential property market, according to a recent report of property group CBRE, a commercial real estate services firm.
The report shows that overseas investors have grabbed a 30 percent share of Australian apartment market in key cities which equals to 13,000 apartments in 37 projects spreading across Australia.
CBRE Executive Director, Global Research and Consulting, Kevin Stanley indicated that foreign investors had not been dominated in Australia since the building boom of the late 1980's and early 1990's. During the late 1980s, mostly Japanese companies invested money in developing offices in Australia. At this moment, Singaporean investors account for 92 percent of all apartments being processed or developed by overseas companies. Other significant developers are from Hong Kong, Malaysia, China and Korea.
"This follows closely the present flows of Asian capital into the Australian commercial property sector. Year to date, Asian buyers have been responsible for 51 percent of all foreign investment into commercial property and 19 percent of all transaction activity in this country," added Mr. Stanley.
Foreign developers also extend their investment to a wide range of locations including Gold Coast, Brisbane, Perth and Adelaide besides Sydney and Melbourne. Sydney and Melbourne, the two biggest markets for investors, account for 79 percent of total demand for apartments.
The results of the report show that Melbourne surpasses Sydney in terms of number of apartments purchased by foreign investors. The high share of foreign participation in Melbourne's apartment market results from some advantages as follows:
- A long term connection of Asian countries to Melbourne through education and tourism;
- A greater availability and lower relative price of sites;
- A reputation for easing property business.
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