Three Australian cities have emerged as some of the most transparent real estate markets in the world, according to a new report analysing 158 cities.
Sydney is ranked third in the world, followed by Melbourne in 7th place along with Brisbane rounding out 15th position, according to the latest JLL and LaSalle’s Global Real Estate Transparency Index.
JLL Australian chief executive officer Stephen Conry said there was a strong correlation between transparency and cross-border investment activity.
“New investment mandates into Australia from cross-border investors typically specify Sydney and Melbourne as their preferred destination with Brisbane increasingly identified as a market on the cusp of a cyclical recovery,” Conry said.
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Investor interest piqued
Given Sydney, Melbourne and Brisbane featuring near the top of global rankings, Conry says the cross-border investment figures for 2018 “demonstrate investor interest”.
“JLL figures show that 89 per cent of all offshore investment in the first nine months of 2018 has been concentrated in New South Wales, Victoria and Queensland,” Conry said.
“Between the three states, offshore investment into office, retail and industrial has totaled $5.1 billion in the first nine months, compared to $5.73 billion across all of Australia.”
“For Queensland, the offshore proportion of total investment has been high at 46.3 per cent and New South Wales and Victoria are both at about 25 per cent.”