More Chinese buying Queensland property
CHINESE buyers are snapping up Queensland land at six times the rate they were buying only two years ago.
The Foreign Ownership of Land Register released by the State Government reveals overseas Chinese bought more than 7600 land parcels over the past 12 months, totalling $1.47 billion, up from $463 million in 2013-14.
It is the first time China has topped the list, taking over from the United Kingdom as the most prolific buyer. China’s investment in Queensland totals almost $1 billion more than any other country.
The total amount of foreign investment in Queensland land has skyrocketed from $1.6 billion in 2013-14 to more than $4.2 billion last year.
Katter Australian Party leader Robbie Katter said while some foreign investment was needed in Queensland, the rate at which it was being purchased by overseas interests, particularly in rural areas, was alarming.
Despite the strong growth in the Chinese market, the UK maintained its position as the premier buyer of Queensland land when it comes to size.
UK owners purchased 2.2 million hectares last year, ahead of the Netherlands with 1.9 million hectares and China with 1.6 million hectares.