Oct
26

Chinese Covet Paradise

Gold Coast Bulletin

 

NO SMOG, no crowds and views entice foreign buyers. 

Foreign investors own more parcels of land on the Gold Coast than they do in Brisbane, with Surfers Paradise proving to be a particular magnet for landlocked Chinese buyers.

The value of land being snapped up by overseas interests is also growing at a higher rate on the Gold Coast than in the state capital, according to the State Government’s Foreign Ownership of Land Register, tabled in Parliament this week.

 

Chinese, New Zealand and Singaporean interests, remain the top three buyers of Gold Coast property by number of parcels acquired.

 

Brisbane properties worth $382 million sold to Chinese interests in 2014-15, just edging out Gold Coast sales to China – worth $372.7 million.

 

Foreign investors own part or all of 5173 land parcels in Brisbane while they own 7094 on the Gold Coast with Chinese investors making up 1320 of them.

 

Andrew Taylor, co-chief executive of Chinese property website Juwai.com, said Surfers Paradise, Southport and Varsity Lakes were the most frequently searched Gold Coast suburbs by prospective buyers on his site.

 

“The Juwai.com Purchasing Intent Index for Surfers Paradise in August was more than double the level of a year earlier,”he said.

 

“Chinese understand high-rise living. They like having shopping, restaurants and services all close by.

 

“Surfers really is a paradise to anyone coming from a smoggy, crowded, landlocked city in another country.

 

“They love the water view,” Knight Frank Gold Coast joint managing director Mark Witheriff said the data was not surprising by encouraging.

 

“With the city council encouraging development and the airport attracting new flights this is just the next tick in the box” he said.

 

“If you look around Australia, the Gold Coast was one of the last to come out of the GFC, so buyers have identified it as a place where there is a lot of opportunities.”

 

Mr Taylor said the Jewel Project between Surfers and Broadbeach had a significant impact on the profile of the city in mainland China.

 

“Wanda’s involvement in the Jewel project has focused Chinese attention on Surfers Paradise because Wanda is a very well-known company in China and the Jewel represents nearly $1 billion of investment,” he said.

 

“The Gold Coast has everything for a visitor from China – a casino, luxury shopping, new construction, water views and proximity to an international airport with flights to China.”

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