Foreign investors spend $1.6b on WA real estate

"Foreign investors jumped on to WA’s runaway real estate market last financial year, pouring more than $1 billion into vacant land earmarked for new homes and off-theplan purchases. Latest figures show cashed-up overseas buyers spent $1.66 billion on residential and commercial real estate in 2005-06, a rise of 36 per cent on the previous financial year. This included $340 million for housing and $240 million for commercial property including shopping centres, office buildings and warehouses.
The Foreign Investment Review Board’s latest annual report shows international investors spent more than $16 billion buying real estate across Australia last financial year, down from $20.9 billion in 2004-05.
The report also reinforces China’s importance to the State’s economy with figures showing the country pumped $3.78 billion into WA investments, primarily in the mineral exploration and development sector. The figure represented nearly half of the $7.7 billion investment by foreigners in the State for the financial year in all areas including manufacturing, tourism, finance and insurance, agriculture and real estate. Individuals and companies from Britain were the second biggest spenders, investing $908 million." read more

KERYN McKINNON, from theWEST.com.ua