Sydney's Chinese have penchant for Brisbane real estate

The disparity between new apartment prices in Brisbane and the southern capitals has investors looking to the sunshine state to buy 'two for the price of one’.Thirteen groups of Sydney-based investors have purchased two apartments each in the newly released $180 million Utopia project at Fortitude Valley, citing the fact they can buy both for the price of one inner-Sydney unit.That bodes well for both rental yields and capital growth potential, says Sydney investor Wei Liu who has diversified his investment portfolio with two apartments at Utopia.“I have investment properties in Sydney but my agent suggested I look at Brisbane and I was taken aback by the price difference,” he said.“Sydney prices have been climbing for some time and while I believe the market here is growing at a sustainable rate, Brisbane has much more upside potential.“South East Queensland is a fast-growing and rapidly changing area and I think it is only in the past year that southern investors having started waking up to the opportunity there.”Above: Wei LiuUtopia’s sales manager Jeanette Jensen said southern investors were increasingly seeing Sydney and even Melbourne as “over-cooked”.“There is a definite optimism about Brisbane and the growth phase we are currently in,” she said.“We tend to follow Sydney’s footsteps when it comes to property trends and that cycle is just starting here.“The investors we are dealing with anticipate strong rental yields, but capital growth is where most people see the opportunity to reap a good return on investment.“There will always be demand for apartments this close to the CBD, in a gentrified and vibrant area with public transport links at the doorstep.”Utopia is the first in a number of Brisbane projects by Sandt Developments Group, headed by Bill Wang and backed by a consortium of foreign investors.Utopia will comprise 300 high-end apartments spanned over 25 levels and will commence construction in the coming months.The tower is earmarked to be constructed on a site at 275 Wickham Street, just two blocks from Brunswick Street Mall and Chinatown in the centre of the emerging lifestyle precinct.Utopia’s one-bedroom apartments are priced from $399,000 while the two-bedroom configurations are priced from $580,000.The project’s sales office is located on-site and features a full two-bedroom display suite with plenty of parking available.For more information about Utopia visit utopiaspace.com.au.