Global Firms Wooing Australian Commercial Properties
Australia is turning out to be the blue-eyed baby of the commercial property market worldwide. YIP for the online magazine Your Investment Property suggests that roughly $18.5 billion is heading towards Australia via orders placed by 50 offshore firms.
The line is long and is led by Singapore. You can count upon US, Malaysia and China to be on its haunches. There is a growing tendency towards buying Australian properties at whatever rate they come. Core CBD market properties available on long-term leases are the first preference of offshore buyers. Having said this, the investors are also willing to explore the secondary asset market.
Reliable sources suggest that Australia has encountered only the ‘tip’ of the investment ‘iceberg’ yet. Many global biggies are planning to launch aggressively into the market either through direct mandate or acquisition moves or through some similar process.
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While Singapore is heading offshore investments in the Australian commercial properties, would you gamble on China taking the biggest bite in the residential market?