This article is from the Australian Property Journal archive
IT is the year of the tiger and Asian residential property investors are out hunting for luxury residential properties.
According to Savills’ International Marketing Division, $421 million worth of properties was snapped up by Asian buyers as result of the roadshows.
Projects showcased by Savills in Asia included The Residence Hyde Park, Sydney; Neo Bankside, London; Chelsea Apartments, London; Millennium Towers, San Francisco; Casa Lakeville, Shanghai; and Printworks, London.
A total of 274 Asian sales were made across the six projects. The strongest demand was for apartments up to $2.5 million, with the average sale between $1-2 million.
Savills NSW divisional director of project market Peter Coulton said there was solid inquiry in premium Sydney residential property from all Asian countries.
“Australia’s economic fundamentals are viewed as very strong on the world stage and our resilience in withstanding the global economic downturn has further enhanced this standing,” Coulton said.
Coulton launched Sydney’s The Residence Hyde Park project to the Asian market via the Savills roadshows.
“The appetite for premium Australian property was very strong among top-end Asian buyers, as we are seen as a safe, secure economy with a solid banking system, good education opportunities and good growth potential for property.
“While we were able to secure deposits and sign contracts on the spot, many more potential buyers from Asia are now planning to visit Sydney to inspect properties themselves,” he added.
Meanwhile Savills’ International Marketing Division Asia Pacific head Julian Sedgwick noted most sales were from Hong Kong, Singapore, Malaysia and China.
He also said there was also solid buyer enquiry from other Asian markets such as Korea, Vietnam, Thailand, Japan and Indonesia.
Australian Property Journal
