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The internationalisation of Australian capital city property markets
Conference paper

The internationalisation of Australian capital city property markets

Stuart Ross
Royal Institution of Chartered Surveyors (RICS) Conference: Cutting Edge, 1997 (London, United Kingdom, 1997)
Royal Institution of Chartered Surveyors
1997
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Abstract

Marketing property markets foreign investment
Throughout Australia's history its development has relied upon the people and capital of innumerable 'foreign' nations to come to its shores and help it prosper. Its economy, underpinned by strong primary industry and commodities sectors, has necessarily developed a marked international orientation as its produce is shipped to the markets of the world. Yet despite this history of internationalism, foreign investment, ownership and control of Australian assets, and in particular real estate, has become an emotive and some would argue, socially divisive issue during the 1980's and 1990's. The author sees a certain irony here and subscribes to the view that many of the xenophobic prejudices exhibited by sectors of Australian society stem from a lack of understanding of the significant role foreign investment capital has played, and will continue to play, in the development of the Australian economy and an often grossly exaggerated perception of the scale of foreign participation. In this paper the author seeks to cut through the emotion and prejudices which often cloud the debate. The paper examines the processes of internationalization which have precipitated the emergence of a world economy and the global movement of flows of capital, and provides an overview of foreign investment in the Australian capital city property markets in an effort to restore rational discussion to the debate.

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