Australia exemplifies one of the most resolute and effective responses to the pandemic. Until the spread of the Delta strain of Covid-19 this year, the landlocked country had been able to keep its death toll below a thousand. Almost 28 percent of the population is already vaccinated against the virus.
But the optimism in the country runs deeper than its Covid-19 response. For decades Australia has been a 'haven' for foreign real estate investors: a phrase that has taken on a whole new meaning with its skillful handling of the health crisis. For nearly 30 years, the country avoided a recession: this economic powerhouse, coupled with the country's ever-green geopolitical stability, has consistently boosted investor confidence.
Despite the pandemic, foreign buyers were allowed to spend $ 17.1 billion on residential real estate between 2019 and 2020, up from $ 14.8 billion the year before, according to the Foreign Investment Review Board ( FIRB). Among those approved real estate investments, Singapore and China ranked second and third among source countries with $ 9.5 billion and $ 7.1 billion, respectively, just behind the United States.
"Foreign investment is crucial for our residential real estate market and for helping developments happen," Lui Violanti, regional manager for Western Australia at Inhabit Group, said during an interview. ; a media roundtable last month for the PropertyGuru Asia Property Awards 2021 (Australia) program.
Celebrating its fourth year this year, the program will recognize Australia & # 39; s best residential, commercial and industrial properties – and their developers – at a virtually broadcast worldwide event on December 9. Hosted by proptech giant PropertyGuru, the program is designed to, among other things, educate the very wealthy Asian investor, end-user and realtor pool of award-winning properties and commendable in Australia.
Australian developers now have a unique opportunity to appeal to these property seekers, a significant portion of whom traditionally send their children or come to Australia to study. Although international education has supported the Australian housing market for decades, the pandemic has shifted the rental and investment priorities of students and young property seekers in general. When Australia's borders reopen, affordability and the environment will be factored into purchasing decisions in an unprecedented way, experts predict.
"The opportunity lies with millennials and the baby boomers," said Ivan Lam, roundtable presenter, head of international affairs at Melbourne-based real estate consultancy Charter Keck Cramer. “Having the right kind of apartment products will definitely appeal to these age groups… They are actually more savvy and increasingly focused on sustainability. "
The continued hybridization of work and home, on the other hand, is prompting developers and landlords to modernize and rethink Australia's residential stock, even as commercial landlords face rental pressures . "Some companies will choose to be 100% [based] in the office, but I think the majority will be hybrids," predicts Josh Chye, partner and tax manager at HLB Mann Judd – HLB Australasia, the new official supervisor of the awards.
The rise of local self-employment can still prove to be a double-edged sword. According to Leonie Klaric, co-founder of The Property Expert International, which specializes in premium properties in New South Wales, real estate seekers in large markets like Sydney run the risk of inadvertently paying their counterparts in low-paying areas.
At the same time, the phenomenon of working from home could diversify markets and be a boon for investors. “What you can buy in a market like Perth, Adelaide, or to a lesser extent Brisbane for an equivalent amount in big cities, you get a lot more for your money,” Violanti said.
The PropertyGuru Asia Property Awards 2021 (Australia) feature nominations and public nominations from various markets such as New South Wales, Victoria and Western Australia through September 17th. Competitors can compete for new categories such as BestHeritageDevelopment, Best Heritage Architectural Design, Best Heritage Interior Design, BestIndustrialDevelopment, Best Build to Rent Development, Best Mixed Use Architectural Design, and Best Masterplan Design.
Last year the Balfour Group won the Best Boutique Developer award, the first company to receive the title in Australia. THIRDi Group won the award for best townhouse development (New South Wales) for Paragon of Pyrmont. The Sydney Downtown Project went on to beat nine developments in Asia-Pacific for the title of Best Housing Development (Asia), presented at the Grand Final of the PropertyGuru Asia Property Awards 2020.
The decision to hold the Grand Final and the Australian Awards as virtual events last year, while safely hosting in-person and black-tie functions in multiple markets, ultimately attracted 516,000 views of the 2020 PropertyGuru Asia Property Awards series. Viewers from 75 countries listened to the strategic mix of virtual and in-person celebrations.
The awards partnered this year with the History Channel, showcasing and televising the achievements of Australia's best to a wider audience. For development companies, builders, homeowners and design firms, the cross-platform reach of awards this year connects them to a wider band of the Asia-Pacific market, versatile economies of Southeast Asia. and from the South to highly capitalized countries like China and Japan.
“It just helps our population become more multicultural, more diverse and more international,” Violanti said. “Integration between all countries within the PropertyGuru Asia Property Awards is vital, just to share and understand each other's markets and environments. "
For more information, email [email protected] or visit the official website: AsiaPropertyAwards.com.
