ASIAN buyers, in particular those from Hong Kong and Singapore, have played a major part in reactivating Sydney's property market this year.
Out of almost A$700 million (HK$3.5 billion) in major foreign purchases during 1993, more than A$225 million originated from Hong Kong.
Commercial property continued to attract overseas interest, particularly in lower price brackets, despite a shortage of quality stock. Asian investors made up 60 per cent of buyers of properties.
Office buildings in Sydney's Central Business District (CBD)were in great demand from offshore buyers. The Avery building was sold for A$30.5 million to a Hong Kong buyer, and Endeavour House, with a reported yield of 12 per cent, sold for A$10.6 million.
Singapore buyers paid A$32 million for BNZ House, which yields 10.5 per cent, and A$21.75 million for Challenge Bank House. Number 14 College Street, in East Sydney, went for A$30.5 million.
A Hong Kong buyer, Sunrise Resources, paid A$135 million for the Capital Centre Hilton Hotel complex, the largest sale in the Sydney CBD for several years.
Hotels proved popular with other Asian buyers. The Park Royal Hotel in the Darling Harbour development went to a Singapore buyer for A$50 million, and the Boulevarde Hotel in the CBD went for A$23 million to Malaysian interests.