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REIQ Journal : March 2010
Purchases of residential property by foreign buyers in Queensland reached a total of $407,657,433 during the 2008/09 nancial year. AFTER FOUR YEARS of increases, reaching a peak of $620,752,969 during 2007/08, the amount of spending by foreigners in Queensland has shown a decline, as the table opposite shows. Worldwide economic conditions and the strength of the Australian dollar have all contributed to overseas buyers reducing their spending on Queensland property. The number of property transactions has also softened to record 1,010 for the year ending June 2009. Of these transactions, 634 (63 per cent) were purchased for investment purposes and the remaining 376 were for owner occupation. The Gold Coast was once again the favoured locality for foreign buyers in Queensland with just over $185 million being spent on the Coast or approximately 45 per cent of the total amount. The Gold Coast was followed by Brisbane city where $78.9 million was spent, Sunshine Coast with $42.9 million and $30.4 million in Cairns. Total gures over the last 10 years are showing the United Kingdom (UK) as the most proli c country of buyers of residential property in Queensland, spending $772.5 million, followed by New Zealand with $637.1 million. United Kingdom top foreign buyers in Queensland The largest foreign purchasers of residential property in Queensland for the 2008/09 nancial year were from the UK, spending approximately $68.2 million across 22 local authorities. This gure is around $38 million less than the amount spent in the previous year by UK buyers. The total number of transactions has also fallen from 337 during 2007/08 to 171 for the year ending June 2009. These 171 transactions are almost equally Foreign investment in Queensland RESIDENTIAL PROPERTY By Lynda Campbell, Gold Coast Research Manager, Colliers International REIQ Journal March 2010 36 Industry Research