China leads billion-dollar, education-driven Asian land grab in Brisbane

CASHED-up Asian investors and “tiger mums” spent more than $1 billion in a Brisbane property splurge last year. This is where they’re buying.

CASHED-up Asian investors and “tiger mums” spent more than $1 billion in a Brisbane property binge last year.

Foreign families have flocked to buy homes for the unprecedented number of children studying in Queensland on international student visas.

A record 24,115 students from China and Hong Kong enrolled in the state’s universities, schools and training colleges this year – propelling a record level of foreign investment in real estate.

Chinese spending on property in the Brisbane City Council area has more than trebled in the past three years, rocketing from $185 million in 2013-14 to $698 million in 2016-17, The Courier-Mail can reveal.

South Korean buyers splurged $217 million, buyers from Singapore invested $106 million and Hong Kong investors spent $97 million on homes and commercial property across the local government area last financial year.

Foreign investors snapped up property worth $2 billion in Brisbane, $1 billion on the Gold Coast, $211 million in Logan and $53 million in Ipswich.

Real Estate Institute of Queensland chief executive Antonia Mercorella said the record foreign investment came as “no surprise’’.

“Southeast corner real estate is probably some of the best value buying in the country,’’ she said.

Chinese and Hong Kong citizens owned 3880 properties in Brisbane last year – three times more than in 2013-2014.

On the Gold Coast, Chinese and Hong Kong investors spent $699 million last financial year – up from $201 million three years earlier.

The number of Chinese-owned properties on the Gold Coast has more than trebled to 3244 in the past three years.

In Cairns, Chinese investment soared from $4.6 million to $20.6 million, while in Logan, spending doubled to $16 million.

Across Queensland, Chinese buyers spent nearly $1.5 billion in 2016/17 – nearly one-third of all property purchases by offshore buyers.

But Ms Mercorella predicted a slowdown in foreign buying due to Chinese government restrictions on sending money offshore.

“Going forward, it’s unclear if this growth will continue given the Queensland Government has increased the foreign acquirer duty in the last Budget, from 3 per cent to 7 per cent,’’ she said.

“This may result in increased revenue in the short term but may in the long run have the result of cooling buyer interest.’’

The Courier-Mail has obtained the unpublished data from the State Government’s Foreign Ownership of Land Register, which includes houses, units, commercial property and farmland.

Foreign Investment Review Board rules require foreign investors to buy new properties off-the-plan, or demolish an existing home to redevelop.

A loophole lets foreigners buy established homes if they have a temporary visa, such as a student or work visa, but they must sell when they leave Australia.

A new analysis of Realestate.com.au property searches from Chinese internet addresses over the past six months reveals that Brisbane city, St Lucia, Toowong, South Brisbane and Indooroopilly are the five most popular suburbs in Queensland.

The Gold Coast suburbs of Benowa and Southport are also popular, pipping the Brisbane suburbs of Carindale, Sunnybank and Kelvin Grove.

LJ Hooker agent Zora Liu. Picture: AAP Image/Steve Pohlner

ENROLMENTS SURGE AS PARENTS BUY LUXURY

Asian parents are paying top dollar for homes near Brisbane’s best schools and universities, as international student enrolments surge in Queensland.

A record 85,580 foreign students enrolled in the state’s universities, schools and training colleges this year, federal Education Department data shows.

More than a quarter came from mainland China and Hong Kong – with that number soaring by two-thirds in the past three years to 24,115.

Queensland schools enrolled 4223 overseas students this year – one-third more than in 2015.

Real estate agent Zora Liu, a partner at LJ Hooker Sunnybank, has just sold a $1.5 million home to a Chinese family with children enrolled in a local private primary school.

“The mum had a (guardian) visa for parents who come here to look after children while they’re studying,’’ Ms Liu said.

“The school trend is still very strong – Asians love to get their children studying overseas.

“They don’t like to rent, and they prefer luxury homes because they want to show people they’re doing well.’’

Chinese investment has driven a 27 per cent surge in Sunnybank’s median home value over the past three years to a record $790,000, based on CoreLogic property data.

A buyer from Singapore recently offered to buy a luxury apartment in Kelvin Grove – subject to his son’s admission to the nearby Queensland University of Technology.

“He wanted to put a clause in the contract, subject to his son getting accepted into uni,’’ Ray White Spring Hill agent Sam Alroe said.

Independent Schools Queensland executive director David Robertson said offshore enrolments in private schools had jumped 13 per cent last year to 2000 international students.

“Students from China and Hong Kong continue to be the main source countries,’’ he said