Queensland Australia favoured by foreign property investors
The annual report on the foreign ownership of land was tabled in State Parliament showing overseas buyers are increasing their stake hold in Queensland Australia.
Andrew Cripps, Queensland Minister for Natural Resources and Mines, said the Foreign Ownership of Land Register shows parties from 64 countries invested almost $1.9 billion in Queensland property during the past financial year. The result indicates improved international confidence in the future prosperity of Queensland.
According to the Minister, Queensland has a total land area of 173 million hectares and foreign interests own just over five million hectares of this.
That represents less than three per cent of Queensland’s total land area and is a minor increase on the 4,806,100 hectares held at the same time in 2011/12.
Total land area owned by nationality (as at 30 June 2013) – total 5,084,200 hectares overall
United Kingdom – 2,055,600 hectares
United States of America – 405,950 hectares
Switzerland – 366,320 hectares
Netherlands – 292,730 hectares
Federal Republic of Germany – 274,800 hectares
Japan – 214,760 hectares
The report shows the value of foreign-owned property increased by $822 million in 2012/13 to $1.899 billion.
Value of acquisitions during 2012-13 (total $1.899 billion overall)
China – $323 million
Singapore – $317 million
USA – $269.3 million
Malaysia – $205.1 million
Japan – $164 million
United Arab Emirates – $122.4 million
This increase is due to a number of major transactions including commercial, retail, hotel and accommodation properties in the Brisbane CBD, and the sale of Cubbie Station in southwest Queensland.
According to the register, Chinese-based purchasers acquired the largest amount of property by value during the year with $323 million in purchases, while United Kingdom nationals own the most amount of property by land area.
Cripps says Brisbane and the Gold Coast were the most popular local government areas for foreign investors during the period by value of annual acquisition and total number of parcels owned.
During 2012/13, Brisbane City recorded more than $741.7 million in land acquisitions by foreign interests who owned 1541 hectares across 3701 parcels of land at 30 June 2013.
The Gold Coast recorded more than $603.2 million in acquisitions during the year by foreign interests who owned 3530 hectares across 6434 parcels of land at 30 June 2013.
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