The CEO of a leading Australian developer has highlighted Australia as the world's second most transparent real estate market; adding that transparency contributes to Sydney's strong property market.
According to the latest industry index compiled by JLL, Australia's property market ranks the most transparent property market in the Asia- Pacific region, and the second most transparent in the world, which represents an improved ranking from Sydney's 2014 ranking at number three.
In JLL's Global Real Estate Transparency Index, 109 countries worldwide are assessed on 186 variables, in 14 topic areas and then grouped into six categories; including market data availability, governance, transaction processes, property rights and its regulatory and legal environment.
Crown Group Chairman and Group CEO Iwan Sunito said Australia's property market has attracted more offshore investors into the residential developments over the past five years and its transparency has added to Sydney's international appeal as Australia's largest city.
"Offshore investors place a high value on property market transparency - they want a safe, stable and healthy market for investment" Mr Sunito said.
"At the same times as Australia's property market has gained more attention from overseas more information has become available to overseas investors, helping prudent investors to feel more comfortable investing, especially in Sydney.
Transparency is now one of the key factors to be considered while investing in property, alongside strong population growth, a sound economy and solid economic fundamentals, Mr Sunito said.
"Australia's overall property market has been strong for several decades. Property rights are well defined and protected in a stringent legal framework - its regulatory and governance environment are high compared with international standards" Mr Sunito said.
"ARPA's recent changes to Australia's credit environment also contributed to an even healthier market with less regulatory and financing risk.
"Investing in one of the world's most transparent property markets is always a safe move. As for investment, you don't wait to invest, but invest and wait - the earlier the better" he said.
Crown Group recently launched its latest mixed-used development, located 6km from Sydney's CBD, Eastlakes Live.
The $1 billion mixed-use development is designed by Sydney-based architects fjmt and aims to set a new standard for retail excellence with two major supermarkets with fresh food offerings reflecting the diversity of the neighbourhood, a restaurant promenade, street cafes, a medical centre, as well as densely-landscaped gardens and children's play areas.
Eastlakes Live was recently announced among the winners of the 2018 Melbourne Design Awards in the category of "Graphic Design - Identity and Branding - Lifestyleâ€.
Stage one of Eastlakes Live will include 134 luxury apartments ranging from one-bedroom apartments to penthouses and 15 retail outlets below. The development also features resort-style health and fitness facilities including an infinity-edge 25m swimming pool, state-of-the-art gymnasium, barbecue facilities, function rooms, water features, landscaped gardens, a rooftop lounge and entertainment facilities. Stage two will complete the new town centre with a mix of residential and retail components, with details still to come.
The construction of Eastlakes Live by Crown Group is scheduled for completion in 2021.
A premium range of apartments is now available for sale starting from $669,400.
The display centre is now open daily from 10am to 4pm, located at 19a Evans Avenue, Eastlakes.
For more information, please visit www.crowngroup.com.au/eastlakes or call 1800 853 162.