Foreign investors move into Australian real estate
Australia, the land of opportunity, has always been an attractive location for overseas property investors and last year proved particularly popular to the residents of China and Russia.
Queensland's Gold Coast is a favourite with buyers from both nations. During 2009, more than $22 million was invested in property along the Gold Coast by residents from each of the two countries. Investors from both Russia and China closed deals on all types of Australian real estate from single apartments up to established family homes.
While Australian property has always been a firm favourite of the Chinese investor, Russian investors were unheard of at the beginning of 2000. The collapse of the Dubai property market has no doubt increased the lure of the more reliable property market in Australia.
Australian developers were very pro-active during the global recession and had held road shows specifically targeted at international investment and according to real estate experts, this had been a resounding success.