Off-shore investors spent over $1 billion in Melbourne’s east

Off-shore investors are making a lot of investments across Melbourne’s eastern corridor property market, with more than $1 billion in acquisitions over the last five years, according to CBRE.

Director Investments, Mark Wizel, said the off-shore buyers accounted for marginally under 50 per cent of buyers (116) of the 234 properties, which sold through CBRE alone, for a total of $2.43 billion over five years from 2014.

Mr Wizel said the bulk of the acquisitions had been sub $30 million however the list included two major acquisitions - the Burwood One Shopping Centre ($181.5m) (pictured in title) which sold to a Hong Kong investor, and 353-383 Burwood Hwy, Forest Hill which was purchased at an undisclosed price by a Chinese buyer.

According to a Fairfax media study from August 2017 based on data from the 2016 Census, the eastern suburbs, and particularly Glen Waverley and Box Hill, are dominated by Chinese migrants as the second most populous group after Australian born residents. In Box Hill, near the centre of the eastern corridor, almost 30 per cent of the population was born in China.

Some of the most recent sales to off-shore investors include:

• 12 Lakeside Drive, Burwood East - $25.5m;
• Maroondah Shopping Centre - $18.8m;
• 941-947 Whitehorse Rd, Box Hill - $13.3 million;
• 60-62 Maroondah Hwy, Ringwood - $28.3m; and,
• 42-50 Burwood Hwy, Burwood East - $18.17m.

Mr Wizel said, "I expect an equally strong response from the international investment community to several investment opportunities currently on the market including iProsperity Group’s Century City Walk Shopping Centre and the adjoining 200-room Novotel Melbourne hotel on Springvale Road, Glen Waverley."