LAND HEADS OFFSHORE

OVERSEAS investors snapped up $640 million of Gold Coast property in the past financial year.

It represented almost 20 per cent of the $3.55 billion spent by foreigners across Queensland.

The Chinese coughed up the most, forking out $1.414 billion on 9800 properties state-wide. The Kiwis bought 2560.

However, the Brits claimed the largest land holdings, with 2.87 million hectares, ahead of the Dutch.

FOREIGN investors snapped up $640 million of land on the Gold Coast last financial year.

As of June 30, foreigners owned 11,463,240ha of Queensland, or 6.6 per cent of the state.

Overseas investors spent more than $3.55 billion on Queensland property last financial year – down $700 million on the previous year.

The statistics, compiled from notifications of acquisition and disposal recorded with the State Titles Registry, are revealed in the annual report on the administration of the Foreign Ownership of Land Register Act 1988 (Qld), 2017-2018.

The report covers titles registry operations for the 2017-18 financial year by 142 recorded countries of origin.

China accounted for the highest recorded value of annual acquisitions of land in 2017-18 for the third consecutive year, snapping up almost $1.414 billion in holdings.

Singapore was second with $391,346,422, followed by the US ($350,111,168), the UK ($308,642,789) and Hong Kong ($177,049,490).

The UK (2,861,340ha) topped the list of countries with the highest recorded land ownership by area for the third consecutive year, followed by the Netherlands (1,824,760ha), China (1,708,820ha) and the Bahamas (915,890ha).

China (9792) also topped the list of total land parcels (40,098) with some level of foreign ownership, followed by the UK (5092) and New Zealand (2560).

Brisbane topped the list of most valuable annual acquisitions by local government area with $2,151,241,918, followed by the Gold Coast ($643,018,640), Moreton Bay ($113,996,595), Logan ($90,851,256), Bundaberg ($81,344,953), Isaac ($59,580,343), Toowoomba ($57,264,666), the Whitsundays ($47,820,393), Noosa ($46,286,893) and the Sunshine Coast ($38,513,876).

The Coast (9245 parcels) was also ranked second behind Brisbane (10,433) when it came to total land parcels with some level of foreign ownership, followed by Isaac (3411), Cassowary Coast (2139) and the Central Highlands (1643).

Foreigners – including non citizens and those whose presence in Australia is subject to a time limit, foreign corporations and corporations in which foreigners own a controlling interest – must tell the Registrar of Titles of any acquisition or disposal of land or a relevant interest in land in Queensland.

This can include an interest in freehold land (including a lot within a community titles scheme), state leasehold land and other types of interests.

Notifications are listed on the Foreign Ownership of Land Register.