The Gold Coast has maintained its 11-year reign as Queensland's most favoured destination for offshore based residential property purchases, according to research by leading property agency PRDnationwide.
Overseas visitors spent $313 million in 1116 residential transactions in Queensland in the 2002-03 financial year, with the Gold Coast accounting for close to a third of the sales tally.
There were 401 “foreign’’ transactions for a total of $151 million.
The next most favoured destination by foreigners was Brisbane, where $68 million was invested into residential property.
United Kingdom buyers were the largest group, with Brits spending almost $60 million in 261 transactions, with the Gold Coast their favoured destination. UK-based buyers spent $20.4 million on the Gold Coast, $9.2 million in Brisbane and $6.6 million on the Sunshine Coast.
On the Gold Coast, the biggest foreign investors were from Singapore. They accounted for $40.6 million in residential sales and were followed by Japan ($22.8 million), United Kingdom ($20.4 million), Germany ($9 million), New Zealand ($8.4 million), United States ($7.4 million), South Africa ($7.2 million), Korea ($3.8 million), United Arab Emirates ($3.6 million) and Oman ($3.1 million). The balance of transactions was sourced from another 39 countries.
In Brisbane, the biggest foreign investors were from Malaysia, followed by Singapore, the UK, Hong Kong and China.
The survey was conducted by Lynda Campbell, research manager for PRDnationwide’s Gold Coast corporate office.
“This survey marks a turning point in foreign investment in Queensland as traditionally New Zealanders have been at the top of the list,” says Campbell.
“However, in the past two years they have been knocked off the top spot. Last year it was Malaysian buyers and this year it is buyers from the UK.”
Overall, the level of foreign investment in Queensland eased in the 2002-03 financial year.
The $313 million is down from the previous year’s $466 million.
The investment on the Gold Coast is also down from the $219 million mark of the previous year and is well below the $325 million foreign buyers splashed out in 1997-98.
The number of Gold Coast residential property transactions involving foreigners is also well down.
“The actual number of sales in the past financial year is the lowest in a decade and about 80 below the levels seen in 1996-97 and 1997-98 financial years,” says Campbell.
