Last year, international arrivals to Australia reached a record of 6.3 million visitors, with the highest results achieved from China as well as traditional markets such as the US.
Minister for Trade and Investment Andrew Robb recently highlighted this development in his speech “Tourism & Hospitality – A Tidal Wave of Opportunity”. In the speech, Mr Robb pointed out that by 2020, half of the world’s middle class would be living in Asia. “This means half the world’s middle class will be a direct flight away from Australia,”
What does this mean for our property market?
Craig Pontey Director at Ray White Double Bay says ‘Investors have begun to focus on hospitality assets, with demand for quality property having increased strongly over the past year. The demand has come from both domestic and international investors. Recently, the Hilton Hotel in Sydney was sold to Chinese investment house Bright Ruby for $442 million. Double Bay is also in the midst of a resurgence, with retail and accommodation being boosted by the major Woolworths and Intercontinental Hotel re-developments”.
For advise on commercial property investment contact Ray White Double Bay.
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