Indonesians interested in Australian property
JAKARTA (JP): At least US$7.2 million in foreign exchange will flow to Australia soon as more Indonesians purchase property there.
In cooperation with PT SuryaPrapta Indah, a private Australian property company, Central Equity Homes, will market in Jakarta on Saturday some 60 Melbourne townhouses and apartments at prices ranging between US$104,000 and $202,000.
A SuryaPrapta executive, Steve J.S., said that Indonesia is the main market for Australian property after Hong Kong and Singapore.
"The Australian government is currently encouraging people to live in the center of cities," he said.
He added that his company has recently succeeded in selling 38 apartment units located in central Melbourne through a two-day exhibition here. The apartments, priced at about $150,000 each, are being developed by Central Equity, a publicly-listed developer.
Steve said that in the coming exhibition, Central and his company will offer 16 units of Park Side Terrace, a townhouse near the Yarra Bend River and 45 units of Studely View Garden apartments. Both properties are located in Clifton Hill.
According to Australian regulations, only half of the apartments built in Australia may be purchased by foreigners.
Sales of commercial and industrial property in Australia last year reached $5.68 billion, more than double the $2.44 billion of the previous year.
Meanwhile, office building sales surged from $644 million in 1992 to $4.7 billion in 1993, he added.
According to Steve, property buyers in Australia comprise property trust (40.5 percent), occupants (20.8 percent), domestic investors (13.2 percent), developers (12.1 percent), institutions (10.7 percent) and foreign investors (2.7 percent).
"Most Indonesians usually buy Australian property to use it for the residence of their children studying there and some others lease it," he said.
He said that Indonesians are interested in Australian property because prices there are much cheaper than property in Singapore and Hong Kong. (icn)