Queensland takes centre stage for global opportunities
The potential of Queensland property may not have escaped the notice of many domestic investors over recent years, but on an international scale, there is still some way to go.
As more global companies set up operations in the Sunshine State, it has slowly started to register on the radars of those in search of a real estate investment in Australia.
However, there are still plenty more markets to be exploited beyond these shores, which the state government is keen to tap into over the coming months and years.
Overseas investment in Queensland property
A recent whitepaper from Colliers International acknowledged that an increasing number of investors are seeking Queensland investment property.
During the 2011-12 financial year alone, buyers from 61 countries spent in excess of $443.5 million on residential property across the state – a rise of 33 per cent compared to the previous year.
China proved the most lucrative market, as buyers spent $184.8 million on property during the 12-month period. Those from the UK, however, have historically spent the largest amount on residential property in Queensland.
Of the 936 property transactions that were carried out across the state in 2011-12, 67 per cent were purchased for investment purposes, while the remainder were for owner occupation.
Brisbane proves a property hot spot
Some areas have caught the attention of foreign investors more than others, with Brisbane being one of the state's property hot spots.
The Brisbane City Local Government Area recorded a 58 per cent increase in spending by overseas investors over the period in question, as $135.9 million was spent across 298 transactions.
More than half (51 per cent) of these purchases were made for investment purposes, while the number of Chinese buyers within the area was more than double that of the previous year.
Buyers from the UK were the second most likely to make a purchase in the city, followed by those from New Zealand, Malaysia and Singapore.
Looking to the future
Queensland premier Campbell Newman is already taking steps to ensure the state remains of interest to foreign buyers, as he prepares to promote the region in the UAE, Singapore, China and Japan.
He hopes that the economic credentials of Queensland will be on show, which should help encourage these nations to do business in the state and perhaps even become involved in property investing.
Newman commented: "Queensland is well known in these regions as a reliable supplier and business partner, and a competitive investment destination.
"Increasingly, Queensland companies are taking their expertise to these regions, securing our state's position in the global marketplace."
Investment opportunities in Queensland are therefore likely to rise in the near future, especially as the state gains an international reputation among businesses.