Written by Marc Pallisco
Friday, 22 January 2010 21:42
realestatesource.com.au
CHANGED Foreign Investment Review Board restrictions affecting foreign ownership of real estate in Australia, has resulted in a surge of Malaysian investors, catching the attention of “The Malaysian Inside” today.
Developers in Australia, and the United Kingdom have been “actively wooing” Malaysian investors for various inner-city apartment projects, including the Lumiere Residences in Sydney.
The Australian Trade Commission says Malaysians invested $A4.9 billion in Australian property in 2008, and before the boom of international investors arrived, into 2009.
Real estate agency Jellis Craig, which services Melbourne’s blue ribbon eastern suburbs, says Asian investors had “become much more predominant in the Melbourne real estate market, with homes worth about $A1.5 million being the most popular.”
“We find that most overseas Asian buyers are considering moving with their families to Australia themselves, or investing for their children to live in Australia,” a Jellis Craig agent told The Malaysian Insider, which reported the article online today.
“In some cases, the mother and children have moved to Australia, while the father commutes between Asia and Australia. Melbourne is considered an attractive city to live in because it is renowned for top quality schooling and lifestyle and is a city of multicultural communities.”
However international investors are also considered important in driving the inner-city apartment markets.
In response to the 2008 economic downturn, the ALP relaxed Foreign Investment Review Board regulations restricting the amount of real estate an overseas investor can own.
