Queensland sees rise in foreign investment
The strength of the Queensland economy has proved attractive for many types of investor, with people apparently travelling from far and wide to see what the state has to offer.
It seems that foreigners are keen to make a real estate investment in the area, as the latest figures show a rise in interest throughout the region.
Creating a pro-business economy
There have been widespread efforts across Queensland to create an environment where it is possible for investment to thrive.
The Queensland state government has outlined a number of reasons why the region is the perfect place in which to invest for both those pursuing business interests and real estate.
Not only does the state offer a competitive tax environment, but it also has a strong economy that relies on four different industries – tourism, resources, agriculture and construction.
Furthermore, the government points to the state's strong population growth, which presents a host of opportunities for anyone following a property investment strategy.
Economic growth to be proud of
Queensland's economy has grown over the past few years – and predictions suggest this trend is unlikely to be reversed any time soon.
Data cited by the state government shows that the economy is forecast to grow three per cent in both 2013-14 and 2014-15, before escalating to six per cent in the following financial year.
Over the past two decades, Queensland has recorded the second highest annual growth rate out of every Australian state and territory.
Foreign investors see potential
With such strong figures to refer to, it is easy to see why foreign investors are recognising potential in the Queensland economy.
Recent figures show that in 2012-13, people from 64 different countries invested nearly $1.9 billion in Queensland property.
China alone completed $323 million of acquisitions during the financial year, followed by Singapore with $317 million and the USA with $269.3 million.
The total land area of Queensland stands at approximately 173 million hectares and as of June 30 this year, foreign interests owned around 5.08 million – less than three per cent of the total.
Brisbane encourages investors
The state capital of Queensland proved a particular property hot spot for investors – during the 2012-13 financial year, Brisbane City recorded $741.7 million in land acquisitions from foreign investors.
With such strong returns on property and a constant supply of people willing to rent in the city, it is easy to see why this is a hub for both domestic and international investment.
Other parts of the state are also likely to see a rise in interest as their potential is recognised and Queensland takes an even more prominent role on the global stage.