Latest NewsOffshore Investors Flock to Local PropertyWednesday, 31 May 2017

Offshore investors are flocking to park their money in Australian property, despite recent volatility on domestic markets, Sydney property developer Lend Lease says.

Chief executive Steve McCann says negativity in Australia is a ‘‘little bit exaggerated’’, given the strength of the domestic market compared to almost every market overseas outside Asia.

‘‘As conditions become more volatile, Australia does continue to emerge as a stable environment for investment returns and that makes it more attractive than most other places for capital to find a home today,’’ Mr McCann told analysts after the release of the firm’s full year results today. ‘‘We’re seeing significant inbound interest in our projects.’’

Unemployment was now similar to pre-financial crisis levels and uninvested offshore equity would be a strong driver of development and the property market, he said.

‘‘We’re in a very strong position compared to most western economies so our view is the medium to longer-term outlook for Australia is very robust.’’

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