Real estate news: Australia’s richest make their money through real estate investment
An analysis commissioned by the Greens senator Lee Rhiannon has found that Australia’s richest individuals are increasingly listing property as their sole source of wealth.
The analysis took into account 10 years of BRW Rich List entries, and found that the amount of people on the list who stated that property was their sole source of wealth, has almost doubled. Out of the 200 richest Australians, this amount has increased from 28 in 2007, to 47 in 2017.
The analysis also found that profit margins for real estate services and property operators had reached levels as high as 57.6% in 2015-16, compared to 35% in 2009-10. These figures were based on data from the Australian Bureau of Statistics, and are the highest profit margins for this sector since before the global financial crisis.
Australia’s real estate market amongst the most stable for investors
This news comes after a recent survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) found that Australia is one of the most stable countries for investment in real estate.
The survey, which was conducted globally, put the country in the fifth spot for stable and secure real estate investment. The USA, Germany, Canada and Britain are the only countries that are more stable destinations for property investors, according to the 26th annual member survey.
AFIRE is made up of members who are among the biggest institutional real estate investors in the world.
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