Offshore investors are retreating from ownership of commercial real estate assets in Victoria and Queensland as higher foreign surcharges bite, creating opportunities for local investors to buy cheaper assets.
Fund manager Richmond Bridge is one syndicator seeking local institutions and high net worth investors to buy assets that, under Victoria’s 4 per cent foreign surcharge and Queensland’s extra 3 per cent, are less attractive for offshore buyers, traditionally a large source of demand.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Based in Melbourne, Michael is on Bluesky @michaelbleby.bsky.social. Email Michael at mbleby@afr.com
