CHINESE real estate investors have placed Cleveland in the top three areas to invest in south east Queensland.
Six families from a group of 19 investors from Hong Kong and China came to the Redlands last week and were shown around by Raine and Horne Cleveland principal Mike Elworthy and salesperson Kathy Tsai.
Mr Elworthy said some of the families were major investors and involved in banking in Asia.
The three main areas they rated for investment were Coomera on the Gold Coast, Beenleigh and Cleveland.
After inspecting Coomera properties, they believed that the Cleveland and Beenleigh areas offered much better value.
His office had sold a Cleveland car yard to Asian investors and had a developer who was looking to buy land in Middle Street to build a hotel.
“What we’ve done is go out to the overseas market (Hong Kong and Szechuan) and sold them the Cleveland area and especially the Toondah Harbour project,’’ he said.
“We invited them to look at investment properties in the area and got pretty good traction.’’
Mr Elworthy said although the families were primarily interested in investments, several inspected Raby Bay properties to $5 million, with a view to using them as residences.
The investors were well heeled, with one living in a home valued at $A9.8 million.
“They love the lifestyle and being near the water and the idea of living here has become appealing to them, rather than just looking for investments,’’ he said.
Mr Elworthy said his company had done presentations in Asia to investors, showing them what was available in the local market.
“Toondah Harbour is a massive attraction to them after we explained what was happening there,’’ he said.
Mr Elworthy said other Australian-Chinese investors who had bought properties in the Sunnybank Hills and Robertson area on Brisbane’s southside also were looking east towards the Redlands.
“We’ve been selling Cleveland as a hidden gem to these people and other agents are starting to look in this direction as well,’’ he said.
“The Foreign Investment Review Board isn’t doing us any favours though,’’ he said. “People are finding it hard to get finance on second hand properties although new properties bring better luck.’’
