One of Australia’s largest investment firms is predicting an increase in the number of foreigners looking to purchase a property in the country next year – and significantly raise property prices at the same time.
According to Justin Epstein, the Executive Director of the One Investment Group, Australia’s economic stability and transparent regulatory environment has led the country’s property market to being viewed as a safe haven for overseas investors – especially those from Asia,
“In the past year, there has been significant buying activity among Asian investors interested in securing Australian residential land banks, hotels, office buildings and agricultural landholdings,” explaining Epstein.
And with the Australian and Chinese governments having recently agreed a free trade agreement between the two countries, Chinese investment in Oz real estate is forecast to grow even further next year.
“We expect this [interest from Chinese buyers] to grow substantially now that the agreement is in place,” Mr Epstein said. “The buying spree isn’t expected to slow, and competition for quality assets between local and Chinese buyers will likely push up prices for in-demand locations in 2015,” he added.
Article published 31st December 2014