HONG Kong investors are spearheading a $1 billion investment splurge into Melbourne, capital of the southeastern Australian state of Victoria.
According to Peter Brooks, director of international investments for Colliers Jardine, foreign investment accounted for 57 per cent of the volume of central business district (CBD) transactions in the first quarter.
Mr Brooks said: ''Singaporean investors were the most dominant foreign buyers, having purchased 40 per cent of CBD property value, but Hong Kong investors are now emerging as a major force.
''From the Hong Kong perspective, the local market has softened considerably so local investors have had more time to consider global opportunities over the past six months.
''In addition, a lot of money has been made here and there is a lot of equity looking for markets to move into.'' He said more than $1 billion has been spent on properties in the CBD so far this year, close to the total sales for all of 1993.
''The number of sales transactions this year has also more than doubled over the same period last year.'' Some of Melbourne's most prominent properties - including the new Australia-on-Collins complex, McEwans building in Bourke Street, Flinders Gate and Windsor Hotel - have been snapped up in the buying spree.
