European Investors Capitalizing on Australia’s Property Market

spike in the number of new properties being purchased by international buyers, with the market share now being at 7.9%.

Furthermore, 25% of Chinese mainland UHNWI’s and 22% of UHNWI’s from Hong Kong are exploring options of applying for a second passport or citizenship. Overall, the Australian property market shows continued signs of growth despite the global economic after-effects of the pandemic, maintaining hope for Chinese buyers looking to invest in real estate within Australia. Property pricing remains a signifcant factor in international investment, and key insight into the pool of global property ownership will no doubt bring further stability to the market in the following year.

BY JEFFREY GIBBS

Foreign investment in the Australian real estate market is growing, with a new report indicating which countries are leading the way.

Surprisingly, the nation with the highest number of property buyers obtaining Australian real estate valued over $US2 million ($A3 million) is not from Asia, as was once thought, but rather the Europe.

The Wealth Report 2023 compiled by global property insights platform Knight Frank, revealed that Europe is outranking other nations when it comes to multimillion dollar real estate investments in Australia, followed by the US.

Though no exact fgures are available, from market data on realestate.com.au it can be deduced that search interest for Australian properties has increased by 30 per cent globally.

Nadine Goldfoot, managing partner at immigration legal group Fragomen in the UK, said the Covid-19 pandemic has driven many Europeans to move to Australia. “The ‘digital nomad’ boom has brought many more people into the ambit of global mobility – and countries have responded by fnding new ways to attract them,” she said.

Alasdair Pritchard from Knight Frank commented that high volatility and unpredictability in Europe’s property market has triggered more investors to purchase properties overseas.

“Wealthy individuals living in unstable regions have always sought a ‘Plan B’ – homes in the US, Australia or Europe that can enable the transition to a new life if needed,” he said.

For the UK and US, the main property hotspots include Melbourne, Sydney, Perth, Gold Coast, and Brisbane region which includes Brisbane City, Ipswich, Logan City, Moreton Bay, and Redland City.

Interestingly, there is also a rise in searches for rental properties, with year-on-year increase of 34.2 per cent.

Data from PropTrack also reveals that other countries like Spain, Canada and Hong Kong are also making their presence known in the Australian real estate market. Overall, there is a growing interest in overseas investment in Australia, with the UK and US leading the charge, and Europe showing its eagerness to move Down Under. It is evident that the Covid-19 pandemic is playing a signifcant role in the sudden shift of foreign buyers vying for the luxurious Australian real estate.

As the Australian property market continues to rebound, hope remains for potential Chinese buyers in the coming year. According to Knight Frank’s analysis, Singapore and China had the third and fourth highest number of overseas buyers, refecting the appeal of Australia’s proximity to Asian nations.

Senior director and head of residential and private offce at Knight Frank in Singapore, Nicholas Keong, said buying property in Australia has become more popular due to its desirable lifestyle, weather, and education. PropTrack data shows that Chinese propertyseekers are particularly interested in purchasing a home in Melbourne, followed by Sydney, Adelaide, Box Hill (Victoria) and Brisbane.

In their Attitudes Survey, Knight Frank also reported that 86% of ultra-high-net-worth individuals (UHNWI) from Malaysia have expressed interest in buying real estate in Australia, along with 36% from Singapore and 34% from the Chinese mainland.

Victoria Garrett, head of residential at Knight Frank Asia-

Pacifc, commented that domestic buyers have been slow to return to the Australian prestige residential market, but that inquiry from foreign buyers has since increased.

This news comes alongside National Australian Bank’s (NAB) survey results, which indicate a

Childers

• 56.1501 ha or 138.75 acres

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2 bathrooms, 2 offces & Solar System

• Shed 10m x 7m open front

• P.O.A.

Quick Crossword

6 Bottle for the table (6)

7 Allowing (8)

8 Author of short pieces (8)

13 Teacher (10)

16 Relating to time (8)

17 Actress, – Jolie (8)

18 Experienced people (8)

21 Cooing bird (6)

Sudoku

22 Antenna (6)

23 Exacting (6)

26 Slight (4)

1 In what century did Australia implement the eight-hour work day for all industries?

2 Which famous poem contains the lines ’The time has come,’ the Walrus said/’To talk of many things:/Of shoes and ships and sealing wax/ Of cabbages and kings’?

3 What is the largest city square in the world?

4 In March of which year did the Ansett Australia Group cease operating?

5 The Komodo dragon (pictured) inhabits ve islands, including the island of Komodo, in which country?

6 What three colours are on the Jamaican ag?

7 Which sought-after medal depicts three men with their hands on each other’s shoulders?

8 What is the collective term for the odourless, colourless, single-atom gases such as helium?

9 In rowing, which member steers and coordinates the rhythm of the rowers?

10 What eld of study is concerned with moral issues of biological research and medical practice?

ACROSS

1 Skeletons are made of it (4)

5 Nautical hail (4)

6 Harass (4)

7 Performs (4) DOWN

1 Poet (4)

2 US state; capital Columbus (4)

3 Junction (4)

4 Facial features (4)

WORD FIND No. 147

The leftover letters will spell out a secret message.

Using the nine letters in the grid, how many words of four letters or more can you list? The centre letter must be included, and each letter may only be used once. No colloquial or foreign words. No capitalised nouns, apostrophes or plural words ending in “s”.

Secret message:

Word Fill

Each number corresponds to a letter. Can you crack the code?

Cross Math

No.

Hidden Word

Solve all the clues and an eight-letter word will be spelled out.

1 A dangerous weapon used in Star Wars, a light-something

2 This bad Sith Lord was once a Jedi; Dooku, not Dracula!

3 A star ghter, not the B-wing, X-wing or Y-wing

4 A small vehicle for one pilot used for races in The Phantom Menace

5 Name the character: a small, mean junk dealer and slave owner with wings

6 The big hairy wookie is called Chew-what?

7 R2D2 is one of these, and so is C3PO

8 What are the small teddy bear creatures in Return of the Jedi?

HOW WELL DO YOU KNOW...

1. For her role in which TV show did Tapsell win Most Outstanding Newcomer and Best New Talent Logie Awards?

A. Black Comedy

B. Cleverman

C. Redfern Now

D. Love Child

2. In which Australian children’s series does she voice the main character?

A. Bluey

B. Little J & Big Cuz

C. Mustangs FC

D. Grace Beside Me

3. What is the title of Tapsell’s memoir, released in April 2020?

A. Any Ordinary Day

B. A Question of Colour

C. Top End Girl

D. A Bigger Picture

4. Which Bridesmaids actor did she star alongside in the hit musical TheSapphires?

A. Kristen Wiig

B. Rose Byrne

C. Rebel Wilson

D. Chris O’Dowd