Asian investors eye Aust property

Asian investors are showing rising interest in Australia's property market, with Korean investors in particular looking to shift their assets away from that region's political tensions, according to The Australian Financial Review.

The newspaper cited one international fund manager who said calls from Korean institutions have soared, but added that “they need a lot of hand holding” and “once they turn, they turn quickly”.

Invesco, which opened an office in Sydney in 2012, is believed to have mandates from Korea Life and Korea Post.

But one source warned that the strength of the Australian dollar and concerns about the outlook for the mining boom could dampen the growth potential of any overseas interest in Australian real estate, the AFR added.

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Australia's property market is overpriced. Koreans with money and brains are more likely to buy property in foreign countries where prices have already crashed. I agree that our high dollar and fading mining boom will dampen the growth potential of any overseas interest in Australian real estate.