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Monday, October 19, 2009

Australia attractive spot for property investment

AUSTRALIA'S housing shortage provides good opportunity for those seeking to diversify their property investment portfolio overseas.

Frasers Property Australia Pty Ltd managing director and chief executive offficer Dr Stanley S.H. Quek said the high immigration trend in Australia makes the country an attractive spot for property investment. Last year, 430,000 people migrated to Australia.

"The lifestyle, stable economy and political situation make it an interesting country for people to live in. Many students who used to study in Australia also go back to work and settle down there," he told Business Times in an interview.

According to an ANZ Australian Property Outlook report, house prices and rents in Australia will continue to skyrocket on the back of a record shortage of supply.
"By 2010, we project a record housing shortage of nearly 200,000 homes," it said.

Sydney has a population of 4.3 million and is set to grow by 25 per cent to 5.35 million people by 2026.

The city has the highest dwelling of housing undersupply among other capitals, with an estimated lag of two years worth of building.

Over the weekend, Frasers Property Australia, in collaboration with Jalin Realty, had organised "The Sydney Collection" seminar, a preview of its residential properties in Sydney.

It featured three types of apartment buildings and low-rise houses, with prices between A$435,000 and A$2.9 million (RM1.5 million and RM8.9 million) per unit.

The properties include Lumiere Residence, encompassing 456 units of apartments, and a residential property called Trio.

By Business Times (by Zurinna Raja Adam)

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