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Wednesday, June 6, 2012

M’sian investment in Aussie properties to grow

Artist impression of the Array project in Melbourne by Mirvac

GEORGE TOWN: Investments from Malaysia in the Australian property market is expected to grow by about 15% this year from RM125mil in 2011.

Property Talk director Steven Cheah said in an interview that for the past two years the investment in Australia had remained flat at about RM125mil per annum.

“This was due to the stronger Australian dollar. But since March, the Australian currency had weakened slightly and so we are anticipating more property investments in Australia.

“We have also been getting a lot more enquiries since March 2012 about investing in properties in Sydney and Melbourne,” he said.

Cheah said every year many Malaysians go to study in Australia, thus creating a severe shortage of property for rental.

“Many parents find that buying property for their children make more economic sense than renting. Once their children completed their education, the property can be rented as rental income or they can sell with good capital income,” he said.

According to Cheah, Melbourne was the top destination for Malaysian property investment funds.

“This is because many Malaysians have relatives who have migrated to Melbourne, where you can find a variety of Malaysian restaurants.

“According to the latest research by Australian Property Monitors, of the major capital cities, Melbourne has been the standout performer for house price growth over the last five years, with prices increasing almost 30% in just 15 months.

“Perth was the worst performing city, with the median house price unchanged in five years, which is largely a hangover from a resource-fuelled boom in prices in the early 2000,” Cheah said.

He added that Sydney and Melbourne were always voted as the top three most livable cities in Asia by ECA International, a research firm with its Asia headquarters in Hong Kong.

On Mirvac's new project in Melbourne, Cheah said the Array project, comprising 169 condominiums was next to the Yarra River.

“The project, introduced in Shanghai recently, received very positive response. Some 35 units were sold in one week,” he said.

The Array condominiums, positioned on the north-facing bank of the Yarra River, with built-up areas from 55 sq m onwards are priced from A$513,000.

“A limited number of three bedroom, deluxe Sky Residence options, priced from A$1.41mil, is also available,” Cheah said.

The project will be exclusively previewed at Hilton Kuala Lumpur on June 9 and June 10.

“Construction work on the Array project has started and is scheduled for completion in end-2014,” Cheah added.

By The Star

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