Malaysians fourth biggest spenders in Australian real estate
Malaysians make up the fourth largest group of foreign buyers in the Australian property market, according to the Foreign Investment Review Board, a n0n-statutory body that advices the Australian government on foreign investmen policies.
CEO of Jalin Realty, Ian Chen, said in an interview with the Business Times that the figures showed that , Malaysians spent a total of RM1.86 billion (US$611 million) on properties in various parts of Australia, after Britain, China and the United States.
Jalin Realty specialises in promoting Australian properties to buyers from Singapore, Indonesia, Brunei and Malaysia, among others. The company has existed for more than 30 years.
“Most of our clients are from Singapore followed by Malaysia,” Chen said. “In Singapore most of our clients are professionals while in Malaysia, they are mostly businessmen.”
The main drivers for Malaysians property investments in Australia are investment and to have a home for children who further their studies in the country. According to Chen, returns are very good and command a yield of between four and five percent a year.
He expexts demand to remain higher than supply, especially as Indians are starting to invest more in Australia.
Jalin Realty is currently working on an upcoming project in Melbourne, called Forest Hill. The gross development value of the project is RM320 million (US$105.2 million) and it will comprise 164 apartments and 17 townhouses.