The one Australian state Asian real estate buyers will be flocking to after the pandemic

Queensland is expected to be the next big thing in real estate for cashed-up buyers from China. Pictured is Brisbane's South Bank area across the river from the city centre
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The one Australian state Asian real estate buyers will be flocking to as they hope to invest in property

  • Chinese property website Juwai IQI expecting foreigners to buy in Queensland
  • Executive chairman Georg Chmiel said Australia better to invest in than UK, US
  • The Foreign Investment Review Board has released new data on property buys 

Queensland is expected to be the next big thing in real estate for cashed-up buyers from China and across Asia.

The Sunshine State, stretching from the Gold Coast to tropical areas beyond Cairns in the far north, still lags behind Victoria and New South Wales when it comes to foreign acquisitions of residential property.

Juwai IQI, a Chinese property website geared towards international buyers across Asia, is expecting foreign demand for Queensland property to increase as the rich eye areas that aren’t so overcrowded. 

Queensland is expected to be the next big thing in real estate for cashed-up buyers from China. Pictured is Brisbane’s South Bank area across the river from the city centre

The group’s executive chairman Georg Chmiel said: ‘It is plausible that Queensland will see an increase in international buyer market share due to its affordability, lower congestion, and good handling of the coronavirus.’

Queensland is home to one-fifth of Australia’s 25.6million residents but has so far comprised just 4.2 per cent of Australia’s 27,399 COVID-19 cases. 

Even with a second wave outbreak in Victoria, Australia has had 1,068 cases for every million people compared with 11,096 in the UK and 24,594 in the United States, as of Tuesday.

Mr Chmiel said after the pandemic, Australia would be a more attractive place to buy property than other rich, English-speaking nations, by virtue of its coronavirus management.

Juwai IQI, a Chinese property website geared towards international buyers across Asia, is expecting foreign demand for Queensland property to increase as the rich eye areas that aren't so overcrowded. Pictured are high-rise buildings at Surfers Paradise on the Gold Coast

Juwai IQI, a Chinese property website geared towards international buyers across Asia, is expecting foreign demand for Queensland property to increase as the rich eye areas that aren’t so overcrowded. Pictured are high-rise buildings at Surfers Paradise on the Gold Coast

‘We believe 2020 will be a pivot point, after which demand by foreign investors, students, and residents will climb in Australia at the expense of the US and the UK,’ he said.

Under existing rules, foreigners who aren’t citizens or residents of Australia are only allowed to buy brand new properties.

They aren’t allowed to buy substantially renovated homes. 

In the 2018-19 financial year, there were 9,295 residential real estate purchasing transactions involving foreigners, the Foreign Investment Review Board revealed last week. 

Of those, 1,648 were in Queensland, compared with 3,151 in New South Wales and 3,768 in Victoria. 

In the 2018-19 financial year, there were 9,295 residential real estate purchasing transactions involving foreigners, the Foreign Investment Review Board revealed last week. Of those, 1,648 were in Queensland, compared with 3,151 in New South Wales and 3,768 in Victoria

In the 2018-19 financial year, there were 9,295 residential real estate purchasing transactions involving foreigners, the Foreign Investment Review Board revealed last week. Of those, 1,648 were in Queensland, compared with 3,151 in New South Wales and 3,768 in Victoria

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