Asians are now buying house and land perth cheap package deals. At least two in give apartments at Perth complexes are now purchased by foreign investors.
The managing director of Finbar, Ronald Chan, said that the overseas buying snapped to more than 40 percent of the stocks in the available city complexes. The most popular of the complexes to foreign investors is the Concerto complex which is set to be the tallest building in East Perth. Finbar holds a major percentage of the market share of Perth apartment and complex developments. According to Ronald Chan, foreigners were driven to buy properties in Perth because of its affordability.
Condition of local property market
Recently, there has been a decline in the local property market in Perth. Now, a lot of property developers are eyeing on foreigners to make investments in their sticks. They are particularly hiring international associates and commission them to travel to Asia and sell Perth homes. Vince Tong was just recently hired by a billion dollar construction company, Builton, to become an international sales agent for the company. He said that while many of these Asian investors have not yet really been to Perth, they were comfortable in buying these properties “blind” after being convinced with the presentations he made.
Mr. Tong further said that while these Asian investors have never visited Perth, they are now starting to see West Australia as a potential growing market for their products as free trade agreements especially in China continue. With the recent changes announced by the Foreign Investment Review Board which gave a minimum fee for investors in Perth of $5000, Mr. Tong said that this has little or no effect at all for wealthy and smart business people who still consider the properties in Perth to be considerably cheap.
Last year, the figures showed that oversea buying was worth over $1.32 billion of West Australia’s residential property. The property director of Blackburne Property, Paul Blackburne, reported that foreign investments went up to as much as 25 percent in complexes while the residential director said that overseas investment accounted for as much as 30 percent of buyers with the investors coming from Hong Kong, Malaysia and Singapore.