PNG investors eye Far North Queensland
PAPUA New Guinea residents are the largest foreign investors in the Far North, according to the latest figures from the Registrar of Titles.
They bought commercial, residential and other property worth $4.5 million out of $16 million of foreign purchases in the last financial year.
Next on the list was the UK ($3.5 million), NZ ($2 million) and Japan ($1.9 million).
Other notable buyers were from the Czech Republic ($680,000), Greece ($530,000), Hong King ($491,470), Argentina ($490,000) and Malaysia ($394,300).
Hong Kong residents own the largest amount of land (1116ha) followed by Belgium (492ha), the UK (352ha), Japan (278ha) and China (91ha) while UK investors own the largest number of land parcels (257) followed by Japan (214), NZ (212) and PNG (101).
CBRE Cairns managing director Danny Betros said there had not been many large sales to PNG investors in recent times.
He said the last large sale was the $19 million three-storey office building at 120 Bunda St to a PNG consortium in July 2010. The building was bought by Mineral Resources Lihir Capital Ltd, a company that receives royalties from the $1 billion gold project on Lihir Island, and invests in property and other concerns on behalf of the community.
In May last year, a PNG family’s first foray into the Far North’s commercial property market was expected to be the start of further investments.
The Honale family bought the home of Channel 7 local news in Mulgrave Rd, Parramatta Park, for $3.2 million.
Mr Betros said there were about 12 groups representing PNG investors active in the Far North. He said the mining boom was sparking interest by PNG investors in the Far North as well as because of its close proximity.
It is understood a PNG consortium is also eyeing off one of the Cairns CBD’s largest office blocks, the Corporate Tower.
Greg Wood of Knight Frank Cairns said interest in property in Cairns had dropped off following the political stability in PNG.
Mr Wood said he expected the number of Australians and others working in the PNG resources sector to start buying mainly residential properties in Cairns for their families.
The Far North’s lifestyle, attractive property prices and the resource boom is drawing investors from PNG as well as Western Australia and Darwin who are snapping up prestige waterfront homes and land in the elite Bluewater estate.
In February, investors from PNG called FNQ Hot Property principal Nathan Shingles at 9am one day, inspected the Bluewater property and by 4pm had signed a contract.
NEW CAIRNS.COM.AU COMMENT POLICY
We welcome your comments on this story. Comments are submitted for possible publication on the condition that they may be edited. Comments submitted without a full name and suburb/location will not be considered for publication. Please read our full comment policy and publication guidelines.
Share this article
Quick sale: This waterfront home at Bluewater was sold to Papua New Guinea investors for $1 million after being on the market for less than a month.