Singaporean property buyers and investors have been increasing their investments in Australia, according to new research covering 2013.
In Queensland investors from China doubled their investments to a record-high of AU$185 million. In Brisbane, Singaporeans ranked second behind Americans, buying property worth AU$97 million. Malaysia buyers were ranked in third place at SU$32 million.
In Cairns, investment from Singapore has increased from SU$890,000 in 2012/13 to a massive AU$11.5 million last year.
Australia’s government is currently looking at whether foreign investment is driving up Australia’s property prices. Foreigners are currently allowed to buy housing off-plan.
Prices have soared across Australia, according to official data, with Sydney prices ip 15 percent year-on-year, Melbourne up 8.5 percent, Adelaide up 5.5 percent, Brisbane up 5.1 percent and Perth noting a 3.6 percent increase.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
