Australian properties have been rather widely publicised in Singapore, especially as Singaporeans look outwards for investment options. It is not uncommon for parents to purchase a property in the country in which their college-age children will be studying in, for their accommodation purpose during the period of their study in the country, and thereafter renting it out as a way to earn profits.
With that in mind, the considerations are often the rental value of the property, the ease of care of an overseas property and the potential for long-term appreciation of property value. One of the most recent launches in Melbourne, Australia, is the Aurora Melbourne Central integrated project in La Trobe Street. It is developed by Malaysian developer UEM Sunrise.
Since its preview on the 23rd of October, Singaporean buyers have snapped up 15 per cent of the 941 residential units. Aurora Melbourne is a 92-storey mixed-use development with retail space, office, serviced apartment and hotel components. The most popular units were the one-bedders, which start at 456 sq ft and range from A$410,000 to A$580,000. The property is situated in Melbourne’s popular and artistic Southbank.
Besides properties such as this situated in the city centre, there are a number of other properties in the suburbs and city fringes also being marketed. And usually those near universities are most popular with buyers from Singapore, Hong Kong, China and Malaysia.