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Property investment 'is coming from foreigners'

Foreign figures are playing an increasing powerful role in Australian property investment, a report suggests.

More offshore buyers are investing in Australian property, according to a report from commercial real estate provider CBRE.

It shows that foreign developers hold a 30 per cent share in the country's apartment market, owning about 13,000 flats in 37 different projects. Only 40 per cent of the developments are under construction, however, with many of them still at the planning or marketing stage.

The largest developer is Frasers Property, which has invested in a Sydney site, followed by Far East Consortium, a Hong Kong-based group which is building a 2,600-flat block in Melbourne.

CBRE executive director of global research and consulting Kevin Stanley said: "Critically, it's providing a stimulus to the construction sector when development activity is generally at a low level."

This news highlights the lack of homegrown investment in the Australian property market in recent months. The latest Residential MarketView report from CBRE found frugal retirees and wealthy professionals are staying clear of the property market, PerthNow reported.

Posted by Steve Douglas

- property, investment, foreign, overseas

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