Ex-students return to buy city property
Former students of Melbourne's top universities and their parents are among the most significant groups of offshore investors, according to Savills Australia.
Students who studied here as far back as 1970 had returned in recent times to invest, said Clinton Baxter, Savills' head of city sales.
"Over the past 12 months more than 40 per cent of Savills' sales of Melbourne CBD properties have been to offshore buyers and many other sales have been hotly contested by numerous offshore groups," he said.
Recent examples included:
The CEO of Malaysian developer Mammoth Empire, who studied in Melbourne in the early 1990s. Mammoth bought 410 Elizabeth Street for $18 million for its MY80 project and 398 Elizabeth Street for around $15 million.
The buyer of 51 Queen Street ($16.38 million) studied engineering at Monash University in the '70s before returning to Malaysia.
Another Malaysian who studied at Melbourne University bought 1 Queen Street ($11 million).
333 Exhibition Street which sold for $22 million and 472 Bourke Street ($12 million) were also bought by Asian buyers who studied in Melbourne.