Australia’s Gold Coast has recently been a preference of both the Chinese conglomerates and property buyers. Their presence is overtaking that of the Japanese who have dominated this area in the past. Observers have noted that the Chinese are significantly more able to assess opportunities when it comes to buying real estate than are the Japanese.
In the past few years, Australia has realized a steady inflow of Chinese real estate investors along with some 150,000 students from China. The Gold Coast is one of the places that have been experiencing this influx as it ranks second among the major population centers in Queensland and sixth among the cities in Australia. It is spotted with luxury villas, hotels, and high rises that have drawn in more Chinese buyers than ever. These are not just new buyers either. They have been in the real estate game for some time and are know what they are looking for.
The Chinese, unlike their Japanese predecessors, seem to have a highly directed focus when it comes to finding good deals in the real estate market here. This is from experience when during the rising years of Japan’s economy investors from that country bought property on the Gold Coast with prices that were considered very expensive at that time.
A publication in Australia, News Limited, wrote that the rise in property buying is sparked by rise in the number of Chinese tourists who are coming here and expressing interest in the real estate of the Gold Coast.
Property agent Darrell Irwin from Colliers International pointed out that tourism, immigration by the Chinese, and their viewpoint that the Australia and the Gold coasts are safe havens for investment are driving this interest. They also see Australia as a place for their children to get quality education. He forecasts that the level of Chinese investment in the Gold Coast will surpass that of Japanese in the 1980s if not at least match it.
The excitement about the Gold Coast is not only enjoyed by private Chinese buyers. You can also find large commodity companies such as Minmetals and other large corporations such as Ridong, both based in Zuhai, working on development plans aimed at the Chinese. Furthermore, Hong Kong’s Pacific Alliance Group went to the Tweed Coast and procured a portion of the Salt housing estate. They also procured the Stillwater apartment project from a local bankrupt developer for $1 billion. Add hotels to the list as well. Recently a Chinese company purchased the Versace Hotel at Main Beach. This hotel is noted for its quality that exceeds five stars.
It has been noticed among property agents here that today’s Chinese investor is much different when compared to their Japanese predecessors. The Chinese are much more focused on how to spot and get the best deals when it comes to real estate. This is apparent at how Chinese investors have invested in high-rise projects and high-end apartments and the amount invested has been in the millions. For instance, the Surfers Paradise Soul, Hilton, and Broadbeach properties were some recent investments.
Opportunities for new businesses are sprouting up on the Gold Coast because of the Chinese as well. Events such as the future 2018 Commonwealth Games on the Gold Coast hold promise for many new business opportunities. There are even plans for a Chinatown to be developed in Southport as well as a casino located on the tourist strip. All this will be what in excess of 200,000 Chinese travelers will enjoy each year as they make their journey to the Gold Coast.