HIGH property prices and political uncertainty at home and the gradual economic recovery in Australia are major factors driving Hong Kong emigrants and investors to buy houses in Queensland, according a developer based on the Gold Coast.
And according to C. Y. Wong, managing director of First Australian Development, as the population of Queensland continued to increase, Asian investors such as the Taiwanese and Singaporeans are being lured into the property market.
''Last year was the best time to invest in this area, when the local economy was at its lowest ebb and property prices were low,'' Mr Wong said.
''As the economy starts to pick up again, especially in Queensland, a growing number of investors from all over Asia are moving in to take advantage of the recovery.
''We are expecting more Hong Kong buyers and investors to move into this area because property investment here guarantees good returns in the long run.'' Mr Wong said residential property in Hong Kong was too expensive for small investors.
The average price for a two-storey four-bedroom house in Queensland, especially designed for Hong Kong buyers, is between A$350,000 to A$400,000 (about HK$2 million to HK$2.3 million), according to Mr Wong.
Non-Asian locals tend to buy property valued at around A$180,000 to A$200,000.