A recent spate of racist incidents in the Australian city of Brisbane are going viral and “scaring away” foreign property investors, according to Ayda Shabanzadeh, Managing Director of Grow Consulting Group.
The head of the specialist in the inner-city suburb of Newstead said foreign property buyers were “growing cautious” about investing in Brisbane.
She added: “A primary attraction for foreign property investors to Brisbane is the lure of being able to send their children here for a quality education, together with property that is considered very affordable in comparison to similar cities around the world.
“Brisbane has a property market with massive upside and quality tertiary education providers which are popular among internationals, however, investors are now uncertain about buying property and sending their children here because of the city’s perceived racism.”
Negative stories that have attracted global attention include an African security guard being racially abused on public transport, the tragic alleged murders of international students and Prime Minister Tony Abbott supporting a burqa ban.
Due to the racist nature of recent headlines, Shabanzadeh said a growing amount of international property investors have “expressed their concerns” about Brisbane’s safety and liveability for international students.
“You have to put yourself in the position of a parent in a foreign country who’s looking to make an investment that will one day benefit their family not just their bank account,” she said.
“They want to invest where there’s growth potential, where it’s safe and where they can send their children to study and right now Brisbane’s safety and tolerance towards foreigners is undoubtedly under question.”
Shabanzadeh warned that if multicultural relations weren’t improved Brisbane may struggle to continue to attract foreign property investment.
“It may get to the point where overseas property buyers prefer to consider some European countries which they view as offering a better quality of life, affordable property prices, excellent schooling and greater cultural acceptance,” she concluded.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.
