Queensland is continuing to draw the attention of international buyers as global unrest from the Covid-19 crisis fuels a spike in inquiry for new property from foreign investors.
Residential property in both Brisbane and the Gold Coast has remained high on the radar of foreign investors—especially those located in Hong Kong—with international searches lifting 22 per cent year-on-year, according to REA Group.
REA Group chief economist Nerida Conisbee said there was strong anecdotal evidence many expats were re-evaluating their circumstances due to the coronavirus, and the low Australian dollar combined with record low interest rates proved an attractive value proposition.
Conisbee said the majority of people searching for property in Queensland were based in New Zealand, the UK, the US and Hong Kong.
High-rise developments in the inner-city suburb of South Brisbane were amongst the most-viewed products online, with Pradella Group’s under-construction Halo Residences project and R&F Property Australia’s $500 million Brisbane 1 apartment tower scoring high attention.
Conisbee noted that beach locations such as Surfers Paradise on the Gold Coast, and Noosa on the Sunshine Coast were the most in-demand among overseas buyers.
Gold Coast coast projects including Sunland Group’s soon-to-be-completed Magnoli Apartments and Spyre Group’s Natura project in Burleigh Heads also featured.
“Brisbane doesn’t see a lot of overseas searches—when people think of Queensland, they think of the beaches,” Conisbee said.
Originally published HERE by Ted Tabet on Urban Developer