FOREIGN BUYERS SPLURGE ON THE GOLD COAST

FOREIGN investors snapped up $640 million of land on the Gold Coast last financial year.

As at June 30 this year, foreign-owned interests in land in Queensland totalled 11,463,240 hectares — 6.6 per cent of the state’s land area.

Overall, overseas investors spent more than $3.55 billion in Queensland property last financial year — a decrease of $0.7 billion from the previous year.

The statistics, compiled from notifications of acquisition and disposal recorded with the State Titles Registry, are revealed in the Annual Report on the administration of the Foreign Ownership of Land Register Act 1988 (Qld), 2017-2018.

The report covers Titles Registry operations for the 2017-18 financial year by 142 recorded countries of origin.

China accounted for the highest recorded value of annual acquisitions of land in Queensland in 2017-18 for the third consecutive year, snapping up almost $1.414 billion in holdings.

Singapore was second with $391,346,422, followed by the US ($350,111,168), the UK ($308,642,789) and Hong Kong ($177,049,490).

The UK (2,861,340ha) topped the list of countries with the highest recorded land ownership by area in Queensland for the third consecutive year, followed by The Netherlands (1,824,760ha), China (1,708,820ha) and The Bahamas (915,890ha).

China (9792) also topped the list of total land parcels (40,098) with some level of foreign ownership followed by the UK (5092) and New Zealand (2560).

Brisbane topped the list of most valuable annual acquisitions by local government area with $2,151,241,918, followed by the Gold Coast ($643,018,640), Moreton Bay ($113,996,595),

Logan ($90,851,256), Bundaberg ($81,344,953), Isaac ($59,580,343), Toowoomba ($57,264,666), the Whitsundays ($47,820,393), Noosa ($46,286,893) and the Sunshine Coast ($38,513,876).

The Coast (9245 parcels) was also ranked second behind Brisbane (10,433) when it came to total land parcels with some level of foreign ownership, followed by Isaac (3411), Cassowary Coast (2139) and the Central Highlands (1643).

Foreigners — including non citizens and those whose presence in Australia is subject to a time limitation, foreign corporations and corporations in which foreigners own a controlling interest — are required to notify the Registrar of Titles of any acquisition or disposal of land or a relevant interest in land in Queensland.

Interest in land can include an interest in freehold land (including a lot within a community titles scheme), State leasehold land and other specific types of interests.

Notifications are listed on the Foreign Ownership of Land Register.

The report is based on nationally uniform data provided by Geoscience Australia that calculates the entire area of Queensland (as a whole) as 173,064,800ha.

Source: goldcoastbulletin.com.au

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