Asian buyers make up a quarter of buyers in Gold Coast

Overseas Asian buyers in the Gold Coast accounted for a quarter of all sales in October for Ray White Surfers Paradise, clocking up $21.5 million over 46 sales.

Most buyers came from China with additional interest from Malaysia and Singapore.

Most sales were close to universities and schools or central to tourist hubs of Surfers Paradise and Broadbeach.

The group is currently in negotiations for a further $200 million in sales to Asian buyers, including a number of development sites.

Chief of Ray White Surfers Paradise Andrew Bell says the lifestyle of the Gold Coast attracted Asian buyers ahead of cities like Brisbane.

“Lifestyle is also a factor and is probably the main reason the Gold Coast is outstripping Brisbane’s performance in attracting Asian buyers,” Bell says

“A large proportion of Asian buyers also invest with a view to sending their children here to attend university, college or an English language institution.

“Many Australians mistakenly think Asian buyers will pay a premium for property which is rarely the case, but the great benefit to sellers is they are cash purchasers who aren’t dependent on bank finance or valuations.”

There were a number of sales to Asian buyers in high-end developments including the loss-machines Hilton Surfers Paradise and Oracle as well as The Glades at Robina and The Address at Sanctuary Cove.

RELATED READING:
Why Australia must deepen its Asian investment relationships
Asian investors keen on Australian inner-city units: Peter Chittenden

awalsh@propertyobserver.com.au

Alistair Walsh

Alistair Walsh

Deutsche Welle online reporter

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?