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Chinese spend more on Queensland property than other foreign buyers

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Chinese property website Juwai.com spokesman Dave Platter said the demand for Queensland property was driven by tourism, especially in areas like the Gold Coast. Photo: Glenn Hunt

Chinese buyers are spending more money on Queensland property than any other foreign investors – and the splurge shows no signs of abating.

A Queensland Foreign Ownership of Land Register report shows the Chinese spent $872 million on property in the sunshine state during the last financial year; an increase of 88 per cent over the previous year.

Singaporeans spent about half that amount and the British – Queensland’s largest foreign property holders – spent only $119 million.

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Paul Pisasale, the Mayor of Ipswich. Photo: Glenn Hunt

Most money was spent in Brisbane, followed by the Gold Coast and Ipswich.

While most of the money was poured into land and development sites, most of the transactions were for apartments.

Chinese property website Juwai.com spokesman Dave Platter said the demand for Queensland property was driven by tourism, education and long-term local investment.

“Queensland – and, in particular, the Gold Coast – has been very good at marketing itself,” he said.

“The Gold Coast, for example, is attractive as a tourist destination because it’s got a whole integrated chain of services: Chinese language-speaking operators, Chinese restaurants, the casino. It’s really set up for Chinese tourists and they feel very comfortable in the high-rise environment.

“Every time the holiday season ends, there’s a surge in property investment from those who have gone to Queensland on a holiday, loved it and want to own it.”

However, Mr Platter said as the Chinese became more comfortable with investing overseas, they would inevitably look elsewhere.

“Queensland needs to continue its aggressive marketing campaign as there are more countries pitching themselves to the Chinese every day,” he said. “As long as the Chinese are coming to Australia to study and holiday and can see there are long-term plans for safe economic investment, they will continue to buy property in Queensland.”

Despite the recent splurge, the Chinese still own less land in Queensland than other nations.

Investors from Switzerland, Germany and the Netherlands own more land in the state.

The state government report also revealed more than $78 million was invested in Ipswich in 2014-15.

This month, Thai hospitality giant Dusit International committed to building a $550 million golf and spa resort in Brookwater on Ipswich’s outskirts.

Ipswich mayor Paul Pisasale said a lot of hard work had gone into making his city attractive to foreign investors.

“It’s about creating relationships with longevity. I never turn down an offer to meet up with people. I remember their birthdays. We want foreign investors to know they have our friendship,” Mr Pisasale said.

He said Taiwanese, Chinese and Japanese investors were heavily involved in the new Ripley Valley development outside Ipswich which would eventually house a community of 128,000 people.

They found the ability to buy freehold titles off the plan attractive, he said.

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Home in blue-chip street sells for $4.1 million

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Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million

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The canal-front home at 59 Witta Circle, Noosa Heads, sold on April 30 for $4.1 million through Tom Offerman Real Estate.

Source: www.sunshinecoastdaily.com.au

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Queensland’s population hits 5 million people today

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Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.

Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.

“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.

“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”

Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.

Queensland's population hits 5 million people today
PHOTO:
 The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)

“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.

ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.

Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.

Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.

The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.

Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.

ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.

 Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.

“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.

But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.

Queensland could be leading growth state in future

Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.

‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.

Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.

“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.

Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.

“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.

“Perhaps we could do more to encourage people to move outside the south-east corner.

“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”

Source: brisbaneinvestor.com.au

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APRA to end cap on property investor loan growth

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APRA to end cap on property investor loan growth

APRA is removing the 10 per cent ‘speed limit’ on investor loan growth.
Photo: Louise Kennerley


The banking regulator is axing a 10 per cent speed limit on bank lending to property investors, saying the cap has served its purpose and improved credit standards.

With Sydney house prices falling and credit growth slowing, the Australian Prudential Regulation Authority on Thursday said it would remove the cap for bank boards that could prove they had been following its guidelines on prudent lending.

In late 2014, amid a surge in borrowing by property investors and rapid house price growth, APRA took the rare step of setting a 10 per cent limit on the annual growth in banks’ housing investor loan portfolios.

The measure has rocked the mortgage market in recent years, prompting banks to jack up interest rates for housing investors, and demand borrowers stump up bigger deposits.

But on Thursday, APRA chairman Wayne Byres said it was prepared to remove the measure because there had been an improvement in lending standards and a slowdown in credit growth.

“The temporary benchmark on investor loan growth has served its purpose. Lending growth has moderated, standards have been lifted and oversight has improved,” Mr Byres

Even so, the regulator will retain a separate 2017 policy that requires banks to limit their new interest-only lending to less than 30 per cent of all new home loan approvals.

APRA also said there was “more to do” in improving other aspects of banks’ lending, including how they assessed borrowers’ expenses, their existing debts, and the approval of loans that fell outside of banks’ formal lending policies.

APRA said it expected banks to introduce limits on the proportion of new lending that could be done at “very high” debt-to-income levels.

“In the current environment, APRA supervisors will continue to closely monitor any changes in lending standards,” Mr Byres said.

“The benchmark on interest-only lending will also continue to apply. APRA will consider the need for further changes to its approach as conditions evolve, in consultation with the other members of the Council of Financial Regulators.”

Source: brisbaneinvestor.com.au

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