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Ausin Group’s decision to open a Brisbane office has provided further evidence that foreign investors may be turning away from the big two capitals.
The finance and property group last week opened a Brisbane CBD office, just days after making what it said were $50 million of property sales over the weekend.
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Ausin said that more than 90 apartments were sold in CBD towers and fringe suburbs at an average of about $565,000.
The group said that 30 per cent of the sales were to offshore buyers planning to move to Brisbane within the next three years, while 70 per cent were to investors.
Two-bedroom apartments were the most popular configurations.
Ausin managing director Joseph Zaja said Brisbane is an emerging market for Chinese buyers and that it offers excellent long-term investment potential.
“Prices are affordable, major infrastructure projects are underway across the city, and the government is investing billions in south east Queensland,” he said.
“Brisbane’s accessibility to quality universities, major employment hubs and its clean lifestyle with an abundance of open spaces were major drivers for the Chinese to purchase in Brisbane.”
Coronis, a Brisbane-based property and finance group, announced earlier this month that it was about to open a Chinese office to cash in on “extraordinary” Chinese demand.
Managing director Andrew Coronis said that foreign buyers are showing increasing interest in Queensland rather than just focusing on Sydney and Melbourne.
Mr Zaja said Ausin’s immigration business has recently started processing applications for Chinese people seeking to live in Brisbane.
“In the past, most of our applications were for Sydney or Melbourne. We expect the interest in migrating to Brisbane will continue to gain traction in future years,” he said.
“The city is clearly on the Chinese radar and we plan to capitalise on this interest by providing quality investment opportunities.”
Ausin said it was responding to the demand by launching a major recruitment drive for qualified salespeople who understand the Chinese culture.
[Related: Property Council cries foul over foreign buyer reforms]
