Offshore buyers hone in on coast

INTERNATIONAL buyer syndicates are targeting one of the hottest markets in Australia.

Australia, China and Japan have topped the list of the best countries for property investment in the annual Investment Intentions Asia Survey 2009.

Australia’s inclusion in this year’s annual survey of the investment intentions of the world’s largest global real estate investors is good news for an ailing property market. In 2008, Australia did not make the cut.

Gold Coast commercial property specialists Just Real Estate Investments has recorded a dramatic rise in interest from overseas investors.

Director Tony Grbcic, says he has been inundated by international buyers looking to invest in commercial and retail investment property across the Gold Coast region. The company has sold $35 million worth of commercial and industrial property since opening its doors in March.

“The commercial property market has reduced in price point which is why we are seeing international investors starting to move. The decreased property prices coupled with the lower Australian dollar are making these long-term commercial property investments an attractive option for astute purchasers,” says Grbcic.

“We are seeing strong interest from buyers in China, Hong Kong, Korea and South Africa who have wealthy syndicates looking for quality commercial and investment property in the Gold Coast regions. In July we will be hosting an international Chinese delegation that is looking for specific retail shopping properties on the Gold Coast and in Sydney.

“The strongest performing product in the industry at the moment is commercial and retail property in the $3 million to $7 million price bracket that is multi-tenanted, well maintained and close to necessary infrastructure. There is limited stock available in this price bracket ensuring demand and supply is still a strong factor.”

Residential sales are also recording strong international interest. A Hong Kong businessman has paid $7.2 million for a waterfront block at gated community Sanctuary Cove.

The block is the largest single waterfront site to be offered at Sanctuary Cove. Located in Sanctuary Cove’s Tristania precinct, the site boasts expansive 180 degree views. The sale was negotiated by Sanctuary Cove Realty sales director Neil Paton.

“Driven by global economic conditions, the prestige market has been relatively inactive over the last 18 months, but the sale of the ‘super block’ proves there are buyers out there with the ability to purchase big ticket properties,” he says.

Sanctuary Cove’s strong run is continuing with more than $17 million in sales over a four-week period.