In 2013, about 12-15% of the commercial real estate in Melbourne, Australia was sold to Asian investors.
Housing market here is eventful. A Chinese investor bought a shop on Collins street for 14.21 million AUD. Earlier, a house on Lonsdale street had also been sold to a Chinese group for 20.5 million AUD. The Victoria University campus was sold to a Singaporean for 48.5 million AUD. The Real Estate Company Hiap Hoe also from Singapore bought the house number 380 on Lonsdale St (43.8 million AUD) and a group of investors came from Hubei, China bought the house of 472 Bourke (15 million AUD).
At present, the purchase of property in Australia is quite easy, for this country housing market is opening, the Government has a variety of preferential policies to encourage investment and immigration of foreigners. It does not tax on the investors who buy real estate for interest or for rent.
Australian Banks also loan money to those who would like to buy house, and offer a variety of services. The loan interest rate for buying home is only 4.8% per year. And in case people can prove their income and the loans are up to 80% of the house value.
In 2012, the number of immigrants in Australia was more than 40,000 people each month, mostly Chineses.
Recently, Mr. Ron Cross,the CEO of ParkTrent Corporation, also came to Vietnam to promote housing market as well as real estate investment opportunities in Australia. According to him, with preferential policies the Australian Government reserve for foreigners, then this is the right moment for Vietnamese real estate investors who are eager to invest and settle in Australia.
Under his prediction, housing price in Australia could be double in value in 7 to 10 years. The average selling price of a luxury apartment might fall on about 320,000 AUD (about 6.4 billion VND).
Melbourne city has currently been an attractive destination to investors, due to the vibrant city centre environment , fast-growing population, clear planning process ,and having strong links with Asia through a strong education system and the prosperous local Asian communities.
It is clear that more and more Asian investors are interested in commercial real estate in Australia. And Melbourne is considered their ideal destination. That’s the reason why real estate in Australia becomes a “hot spot” in the world.