Asian investors accounted for over $21 million worth of property sales for one real estate group on the Gold Coast in October.
Ray White Surfers Paradise Group (RWSP) said the figures account for nearly a quarter of the agency’s sales turnover for October, and make it the group’s biggest sales month to Asian buyers on record.
RWSP CEO Andrew Bell said the spike in sales was further evidence of acceleration of Asian interest in Gold Coast real estate.
He said the buyers were predominately from China, but interest had also come from Malaysia and Singapore.
"There are a number of factors behind the rise of the Asian investor on the Gold Coast,” Mr Bell said.
“They are traditionally quite astute in their purchases and will spend a lot of time researching an area and its capital growth potential.
“The Gold Coast bodes well in this regard as a market that went through significant price correction post-GFC and is now steadily improving.
“Lifestyle is also a factor and is probably the main reason the Gold Coast is outstripping Brisbane’s performance in attracting Asian buyers.”
Mr Bell said a large proportion of Asian buyers also invest with a view to sending their children to Australia to attend university.
Continued investment into the city, including the completion next year of the $1.1 billion Gold Coast Light Rail network and Echo Entertainment Group’s planned multimillion dollar upgrade to Jupiters Hotel and Casino announced last week, would continue to put the Gold Coast on the map as a hotspot for investment internationally, according to Mr Bell.