Investors move in

Jessica Benton
INTERNATIONAL investors are sniffing out Geelong’s blue-ribbon real estate, according to agents.
Colliers International Geelong’s Andrew Lewis said international investors were looking to Australian real estate as markets in America and Europe continued to tumble.
“Australia is still a very safe place to invest,” Mr Lewis said.
“There’s been a wash out across America and Europe that we’re not experiencing here. Our market is more regular so we’re getting more interest from overseas buyers.”
Mr Lewis, whose agency is handling the sale of iconic Waurn Ponds property Pettavel Winery, said Asian buyers had shown interest in the property.
“We’ve had quite strong enquiries from local and international buyers,” he said.
The international investors were mostly from China, Mr Lewis said.
The 44.9-hectare property includes a winery, a vineyard and an award-winning restaurant.
The Independent reported in November that international investors wanted to buy the Bellarine Peninsula’s Spray Farm Winery. The property was later withdrawn from the market.
Commercial property consultant Chris Lang said he had also noted the interest of international investors in the Geelong region.
An “influx” of Asian money was appearing in the region’s real estate market, he said.
“Generally, Asian money comes when their dollar is down,” he said.
“A lot of Asian countries are looking to Australia as having an ability of growth and Victoria is very well-placed in terms of growth potential.”
Mr Lang said infrastructure developments were also helping turn the focus of Asian investors away from Melbourne toward regional areas like Geelong.
“Geelong looks more attractive since the opening up of the ring road. The city is much more accessible,” he said.
“As Melbourne gets too pricey investors are starting to filter in to the local market. If people can’t get a property in Melbourne, then the next place to look is Geelong.”