What is it about this Australian district that has foreign investors enthralled?
What is it about this Australian district that has foreign investors enthralled?
Live easy, play hard
It’s tens of thousands of miles away from Shanghai or Taipei, but a suburb in Sydney is grabbing the rapt attention of Asian property investors.
Barangaroo, which sits on the edge of the city’s CBD, has placed Asian buyers in thrall with incomparable harbour views and eye-catching architecture, News.com.au reported.
“My feedback from Chinese buyers is if the property is in Barangaroo, they don’t even need to visit Australia to see it, they will just buy it because of the quality,” said James Pratt, head of auctions at property firm Raine & Horne’s, which is selling apartments in two low-rise towers in the area.
As much as 80 percent of homes in the area have gone to foreign buyers, mostly rich Chinese investors, according to The Daily Telegraph.
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It also helps that Barangaroo is sited next to the location of James Packer’s USD2-billion Crown Casino. Despite facing legal challenges, the casino complex, which will include a six-star hotel, is scheduled to open in 2021.
Such is the demand that apartments in the area, particularly along Barangaroo Avenue, are fetching double their off-plan prices compared with three years ago. Raine & Horne’s has a three-bedroom penthouse unit now priced at AUD6 million (USD4.5 million), up from AUD3.995 milliion (USD3 million) in 2013, and a two-bedroom unit at AUD3.15 million (USD2.4 million), up from AUD1.875 million (USD1.4 million).
“It’s attracting buyers from China and other countries not only because of its quality but the precinct it’s in,” said Raine & Horne’s Matt Mifsud. “But there’s very little left to sell.”
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Source: Property Report