HONG Kong residents are setting their sights on property in a wave of real estate inquiries across Australia following months of protest turmoil in their beleaguered city.
Latest realestate.com.au data shows the Gold Coast is the third most searched area by Hong Kong property seekers, with the list mainly dominated by Melbourne suburbs.
Realestate.com.au chief economist Nerida Conisbee said international and expat buyers were spurred on by the pro-democracy protests against mainland China, which were creating safety fears and political unrest.
Rallies that began in March and April developed into full-blown protests of up to a million people in June, aimed mainly at a controversial extradition bill but also focusing on demands for democratic reforms and fears Beijing is eroding the island’s freedoms.
“Search from Hong Kong continues to grow as there seems to be no end in sight to the political turmoil in that country,” she said.
“Compared to September last year, search is up 34 per cent this September.
“The same thing is coming out of the UK – anywhere looking a bit shaky politically, (their residents) are looking to Australia.”
Gold Coast affordability was a major factor driving property interest, according to Ms Conisbee.
Real estate firm CBRE’s 2019 Global Living report listed Hong Kong as the most expensive city in the world to buy property, with an average price of more than $US1.2 million (more than $A1.7 million).
The Gold Coast’s median house price is $A655,000.
“The Gold Coast has such a strong international brand and it’s very affordable compared to Hong Kong,” Ms Conisbee said.
“It would be partly expats and definitely people with some sort of citizenship (searching on the Gold Coast), also people wanting to get their money out of the country.”
Ms Conisbee said the top suburbs, including Surfers Paradise and Broadbeach, would attract Hong Kong residents due to their apartments as “that’s what they are used to” as well as the new developments that international buyers are restricted to purchasing.
Amir Prestige Property Agents principal Amir Mian said his agency had sold more properties to Hong Kong buyers in the past six months than it had in three years.
“All of a sudden out of nowhere, Hong Kong has come in pretty strong,” he said.
“There’s a bit of uncertainty there and Australia is considered a safe place to invest and there’s still value in our dollar.
“For $5.5 million you buy a small apartment in the main area (of Hong Kong).
“Things are growing (on the Gold Coast) and they can see it. Thirty per cent of our buyers at the moment are interstate. Combine that with Hong Kong and it’s a really healthy market.”
Australian developer Crown Group has also noticed the growing trend and recorded a 300 per cent increase in inquiries from Hong Kong buyers across October and September.
The property developer’s senior sales executive, Jerry Chen, said Hong Kong residents were turning to Australia for more than just great weather and lifestyle.
“The top reasons for Hong Kong residents buying in Australia are always going to be immigration and investment,” he said.
“Immigration is often sought so that buyers have a desirable place to retire and somewhere their children can go to university.
“Australia is considered to be a safe haven and a lifestyle destination, known for its clean, healthy lifestyle and excellent education and health care.
“These buyers are also attracted to the forecast economic growth and the stable investment environments (that the country offers).”
Top suburbs for Hong Kong property seekers
Gold Coast, QLD
Doncaster East, VIC
Box Hill, VIC
Glen Waverley, VIC
St Leonards, VIC
Top Gold Coast suburbs for Hong Kong property
Main Beach trophy apartment relisted
The sprawling Main Beach, Queensland mega apartment located in the Ocean Isles complex has been listed with a $4.95 million price guide.
It’s down from its previous $5 million to $5.5 million guide.
Residence 3 is one just one of five in the 1,700 sqm beachfront complex.
The apartment at 3/3511 Main Beach Parade has been listed twice since 2018, initially seeking $6.25 million.
The four bedroom, three bathroom abode is spread across a single level.
The apartment features a 20 metre frontage, private pool, spa and BBQ space. It has direct beachfront access from the outdoor terrace.
Duncan Longmore and Michael Kollosche of Kollosche Prestige Agents are currently marketing the property.
This article is republished from www.propertyobserver.com.au under a Creative Commons license. Read the original article.
Ridong Group’s $160m Garden Resort in Limbo
Ridong Group’s $160 million garden resort on the Gold Coast should be built elsewhere according to council officers.
A decision on the application for the 50 hectare development in Tallebudgera is expected to be made next week with council officers raising many concerns at a preliminary meeting.
Hundreds of submissions were made against the development application and a public rally attracted more than 400 people in December.
Ridong, a Chinese development company based in Zhuhai and one of the original developers for Jewel resort in Surfers Paradise, put forth the application for the wellness retreat in September 2018.
Plans on the 50 hectare site at 49 Tallebudgera Connection Road included 162 villas, 98 hotel rooms, four restaurants, a wedding chapel, day spa with 32 treatment rooms, museum, gallery, gardens and private lake.
DBI architects were behind the design, which previous projects include $1.7 billion Etihad Towers in Abu Dhabi, the $1 billion Jewel and the $200 million Infinity in Brisbane.
Council officers raised a number of concerns at an Economy, Planning and Environment Committee meeting.
“The proposed development is considered to present potential economic benefits through employment opportunities and tourism related revenue,” stated in the agenda.
“However, officers do not consider that these benefits are site specific and could be provided in a more suitable location.
“Further, the applicant has not demonstrated a ‘need’ for the development to be located at the subject site.
“Officers acknowledge that the proposed development includes components which could provide a benefit to the city, however, do not believe that these benefits warrant the approval of this application as officers believe such a development could be provided in a more suitable location.”
A final determination on the plans will be made when it goes to a full council meeting on February 18.
This article is republished from theurbandeveloper.com under a Creative Commons license. Read the original article.
Gold Coast hotel sold to Thai group
The Thai-based Minor Hotel Group has acquired the Gold Tower on the Gold Coast in a deal brokered by CBRE Hotels agents Wayne Bunz and Hayley Manvell.
Minor Hotel Group has expanded its portfolio on the Gold Coast with the purchase of the Gold Tower.
The hotel owner and operator has acquired the management letting and caretaking rights and freehold of the management lot of the 22-storey property, which is located on the Gold Coast Highway.
It has subsequently rebranded the site under Minor International’s Oaks Hotels, Resorts & Suites brand, as the Oaks Gold Coast Hotel.
The sale means the 108-key hotel joins Oaks Calypso Plaza and Avani Broadbeach Gold Coast Residences as the other Minor Hotel Goup locations in the area.
CBRE Hotels agents Wayne Bunz and Hayley Manvell handled the transaction on behalf of a private Singaporean investment group.
Mr Bunz said the Gold Coast remained a premier holiday destination for domestic and international visitors, and is expected to record increased inbound visitation.
“Demand for quality hotel assets in leisure-orientated locations such as the Gold Coast have attracted strong interest from international investors,” he said.
“Australian hotels are seen as an absolute safe haven for international investors due to favourable investment conditions and record low interest rates, while the low Australian dollar offers substantial value and favours inbound tourism.”
The Oaks Gold Coast Hotel was recently refurbished and features meeting rooms, a swimming pool and views of the new Jewel development, as well as the Gold Coast’s beaches and hinterland.
Minor Hotels Chief Operating Officer Craig Hooley said the acquisition further enhanced the rapid expansion of the company within the region.
“Within close proximity of Cavill Avenue, Oaks Gold Coast Hotel is the ideal base for those wanting to stay near the action while enjoying the comfort, freedom and space of Oaks hospitality,” he said.
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