FOREIGNERS BOUGHT LAND WORTH $1 BILLION IN QUEENSLAND LAST YEAR: REPORT

Foreign interests paid over $1 billion for land acquisitions in Queensland last financial year (2006-07), but total foreign ownership remains below 1% of the State’s land area.

Minister for Natural Resources and Water Craig Wallace said today foreign interests from 132 countries own a total of 1.29 million hectares of land in 22,046 land parcels.

“The area of Queensland owned by foreign interests increased by 62,444 hectares over 2006-07 and by nearly 250,000 hectares on 2004-05,” Mr Wallace said.

“However, these interests still account for only 0.75% of State’s land area,” he said.

“A decade ago (1996-97), more than 3 million hectares or 1.8% of the State was foreign-owned.”

Mr Wallace said the land acquisitions were worth $1.064 billion last financial year.

“Over the last three financial years, foreign land ownership acquisitions have been in excess of $2.6 billion,” Mr Wallace said.

“This reflects the overall strength of Queensland's property market in recent years.”

The report shows Queensland is not selling off the farm.

Of the over $1 billion in foreign acquisitions in 2006/07, over $763 million is in south east Queensland and is mostly urban land.

The Registrar of Titles annual report on foreign ownership of land was tabled in State Parliament today.

Under the Foreign Ownership of Land Register Act 1988, all foreigners are required to notify the Registrar of Titles of any acquisition or disposal of land or an interest in land.

In the report, nationalities across the world have been ranked according to the total annual value of acquisitions, total land area owned and the number of individual parcels held.

Land purchases by United Kingdom interests in 2006-07 were highest, valued at $252.1 million.

The six highest-ranking nationalities in the three categories are:

Value of Acquisitions (2006-07) – total $1.064 billion

1. United Kingdom $252.1 million

2. New Zealand $141.9 million

3. Japan $86.1 million

4. Netherlands $75.5 million

5. United States of America $54.8 million

6. Malaysia $51.7 million

Land Area (as at 30 June 2007) – total 1,296,100 hectares

1. United Kingdom 491,157 hectares

2. United State of America 209,878 hectares

3. Japan 142,761 hectares

4. Germany (Federal Republic of) 111,630

5. Netherlands 100,548 hectares

6. Switzerland 46,733 hectares

Number of Land Parcels (as at 30 June 2007) – total 22,046 parcels

1. United Kingdom 5470 parcels

2. New Zealand 2702 parcels

3. Japan 2507 parcels

4. United States of America 2034 parcels

5. Singapore 1183 parcels

6. Germany (Federal Republic of) 1072 parcels

Of all the foreign-owned land in Queensland, only 6% is land for mining and only 6.7% is for agriculture and forestry.

In regional terms, the current status of land held by foreign interests include:

Brisbane: $170 million in foreign acquisitions in 2006-07 brings the total to 2753 parcels comprising 1829 hectares.

Gold Coast: $433.1 million in foreign acquisitions in 2006-07 brings the total to 5836 parcels comprising 5680 hectares.

Sunshine Coast:(comprises Maroochy/Caloundra/Noosa shires): $89.4 million in foreign acquisitions in 2006-07 brings the total to 1490 parcels comprising 3641 hectares.

Cairns: $44.6 million in foreign acquisitions in 2006-07 brings the total to 798 parcels comprising 1618 hectares.

Ipswich City: $11.4 million in foreign acquisitions in 2006-07 brings the total to 273 parcels comprising 1677 hectares.

Pine Rivers: $15.7 million in foreign acquisitions in 2006-07 brings the total to 246 parcels comprising 95 hectares.

Townsville: (comprises Townsville and Thuringowa): $6.1 million in foreign acquisitions in 2006-07 brings the total to 204 parcels comprising 1442 hectares.

Caboolture: $9.5 million in foreign acquisitions in 2006-07 brings the total to 218 parcels comprising 569 hectares.

Logan City: $16.6 million in foreign acquisitions in 2006-07 brings the total to 314 parcels comprising 193 hectares.

Redcliffe City: $4.3 million in foreign acquisitions in 2006-07 brings the total to 75 parcels comprising 7 hectares.

Toowoomba: $48.3 million in foreign acquisitions in 2006-07 brings the total to 143 parcels comprising 70 hectares.

Information recorded in the Foreign Ownership of Land Register can be accessed through Department of Natural Resources and Water service centres.

Media contact: Paul Childs, Craig Wallace’s office on 0407 131 654.