Singaporean investors hungry for a piece of the Australian housing market
By Eryk Bagshaw
In glamorous five star hotels across Singapore every weekend, property investors are lining up to buy a slice of the Australian dream.
Cashed up investors are piling into packed presentations at venues such as the famous St Regis hotel about shiny apartments being built from Sydney to Melbourne. Newspaper ads spruiking waterfront developments are commonplace.
“Buy where the local Australians are buying,” says one ad in Singapore’s Straits Times.
Singaporean investors are being lured by a combination of new, prohibitive taxes on second homes in the island state, record low interest rates, a strong currency and promises of attractive returns from Australian developers.
‘‘Singaporeans are hungry for Australian property,’’ says Adam Sparkes, director of sales at property developer Crown Group International, which has $3.5 billion in development sites across Australia. Read more . . .