Strong offshore transactions noted on Gold Coast: Ray White

Strong offshore transactions noted on Gold Coast: Ray White
Jennifer DukeDecember 7, 2020

After a marketing push into Asia, it appears that offshore buyers are interested in Surfers Paradise properties, with Ray White Surfers Paradise noting a total of 202 transactions to Asian buyers in the past 12 months.

Property Observer clarified the nature of the Asian buyers and was told this included 80% offshore and 20% with residency, or around 162 offshore sales.

CEO of Ray White Surfers Paradise, Andrew Bell, said that the sales data points to a focus from these buyers on the central and northern end of the Gold Coast, particularly Southport. He also noted that there was a favouring of development stock, beachside apartments and homes in the areas of Arundel and Labrador.

“The prospect of a Chinatown precinct, and the area’s proximity to Griffith University are huge ticks for Southport in the eyes of Asian investors,” said Bell.

“Another big plus for Southport is the impending start to light rail service, connecting it with the huge Griffith University and hospital precinct and key locations like Surfers Paradise and Broadbeach.”

However, there’s no one motivation behind the purchases – just as there’s no one motivation behind Australian purchases. Holiday homes, accommodation for their children studying at university, for capital growth or for investment return, there are numerous reasons, explained Bell.

“We are the second most visited destination in Australia after Sydney by this demographic and this fact continues to inform and intensify our international marketing efforts,” he said. Their current strategy, which began six years ago, focuses on China, Hong Kong, Singapore, Indonesia and Malaysia, where they have offices.

Many Ray White staff also travel to these countries to build their databases of buyers, including Bell himself.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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