NEWS
Despite the fact that many locals decided not to dip into in the Queensland property market this year, it continued to be attractive to overseas buyers who spent $334.2 million on residential property.
Investors from China in particular stepped up their spending. They have spent $106.8 million on QLD property - an increase of 50% from previous year.
They are not only buying residential property in Queensland, but also developing it. On the Gold Coast the Chinese development group “Ridong” plans to build a $950 million three-tower residential project, named Jewel.
According to the latest market research approximately half of the spending on Queensland residential property by overseas buyers was on the Gold Coast, which accounted for more than $165 million.
Brisbane was the second most popular area with $86 million spent on residential sales.
Other top spenders are coming from such countries as England, New Zealand, Japan, USA, Russia and Malaysia.
Published: 07 January 2012
