$92m in foreign cash flows in for Ipswich land
IPSWICH is the $92.5 million foreign land purchase capital of regional Queensland - and it's only going to get bigger and better.
A leading real estate agent said the $92,454,244 spent on 790ha of land in the area in the past financial year was just the tip of the iceberg.
Buyers from China, who spent $22,441,056, forked out the most in 2013-14.
Purchasers from Canada spent $19,776,356, the Netherlands buyers paid $19,637,856, Switzerland $17,358,000 and Japan $5m, according to The Foreign Ownership of Land Register annual report.
The report reveals interests from the USA bought 258ha of land, while France (140ha), Malaysia (119ha), Germany (53ha) and Mexico (42ha) figure in the top five international landholders in the West Moreton area.
While the amount was low compared to the $687,029,103 spent in Brisbane, Ipswich was one of the best regional performers in the state.
Ipswich Real Estate Institute of Queensland zone chairman Darren Boettcher said there was more overseas money on the way.
"Yes it is starting to trickle in and obviously $92m worth last year is probably going to be a drop in the bucket compared to what's going to happen in the next 10 years," he said.
"It will start to happen because Ipswich has got the majority of industrial land in the whole of Queensland.
"It has the largest parcel available - it's massive, absolutely huge.
"So when people want to do any industrial land, they'll have to come to Ipswich."
Mr Boettcher said developments like Ripley Valley were leading the way for foreign investment.
"You've got Sekisui House, which is a Japanese company that's come to put their dollars into the new Ripley Valley master plan," he said.
"Ripley Valley is going to be bigger than Springfield.
"They're pushing out (more) affordable housing which is good for everybody ... and with all the new commercial hubs that are going to be hanging off that, it's going to obviously attract new business."
Mr Boettcher said foreign investment brought vital infrastructure to the region.
"Can Australian companies do it? Yes they can but it's good to see the foreign investment come in here because it's opening more doors for everybody," he said.
"Foreign investment brings instant money for infrastructure and, when that happens, you obviously have more growth which pushes up prices.
"We just had a meeting with a Japanese lady, who is on the Japanese Chamber of Commerce, yesterday and we're looking at marrying up to do some sales together - now that 10 years ago would have been unheard of."
Property expert Dr Andrew Wilson, of the Domain Group, echoed Mr Boettcher's views.
"It's an emerging regional centre - there's a lot of infrastructure development that's gone into Ipswich," Dr Wilson said.
"I mean Ipswich was always the first town out of Brisbane out of the west but now it's becoming an entity in its own right."
What they bought
Total Ipswich land area bought by different nationalities in the year to June 30, 2014:
Country, Area (ha)
- USA: 258
- France: 140
- Malaysia: 119
- Germany: 53
- Mexico: 42
- Canada: 37
- Japan: 34
- China: 27
- Netherlands: 26
- Others: 54