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Foreigners outspend locals on Queensland residential property in 2011
ATTRACTIVE: The Surfers Paradise Hilton is on the overseas buyers’ list. Picture: The Courier-Mail

While many locals decided not to dabble in the Queensland property market this year, it continued to be attractive to overseas buyers who spent $334.2 million on residential property. And buyers from China once again topped the list, according to new research by Colliers International. Michelle Hele reports for the Courier-Mail.

December 31, 2011 – The figures on buying patterns during the 2010-2011 financial year have shown 733 residential sales to foreign buyers.

In all, 506 of those sales were investments with 277 for owner-occupiers.

While overseas buyers eased back on spending, it was not at the same level of decline as local buyers.

Buyers from China actually stepped up their spending. They forked out $106.8 million on Queensland property – an increase of 50 per cent on last year.

The Chinese have not only been interested in buying residential property in Queensland, but also developing it.

Chinese-owned development and construction firm Yanjian Australia has started work on a $72 million, 142-apartment building in Charlotte St in the Brisbane CBD, and on the Gold Coast the Australian arm of the Chinese development group Ridong (RDG) plans to build a $950 million three-tower residential project, named Jewel.

Colliers International Gold Coast research manager Lynda Campbell said about half of the spending on Queensland residential property by overseas buyers was on the Gold Coast, which accounted for $165.3 million in 310 transactions.

Brisbane was the second most popular area. It recorded a $4.5 million increase from the previous year with $86.2 million spent across 180 residential sales.

Golf course estates are also popular, while n Surfers Paradise the Hilton attracted overseas buyers.

Tony Holland, Colliers International Gold Coast Director of Project Marketing, said the ceiling for overseas buyers on the Gold Coast appeared to be about $750,000, while in Brisbane it was between $320,000 and $500,000.

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