Asian residential developers are moving into the Australian market aggressively, with a collective development value of $10 billion. They have cheap funding that is not related to the Australian bank required pre-sales.

Their primary target is wealthy Asians wishing to bring cash to Australia, plus the stressed Australian rental market. Independent property researcher Kevin Stanley says $1.1 billion in development sites have been purchased in the last three years. 55 separate projects have been identified representing 19,000 units, or 30% of the 60,000 apartments approved in Australia each year are Asian related, plus 2000 homes. Asian developer SP Setia sold 70% of 291 apartments for $112 million in three days, as part of its Melbourne Fulton Lane project.

All sales took place in Kuala Lumpur. It has now sold 600 of the 780 apartments in the development. Another Asian developer Chinese company Ridong has lodged plans to build three residential towers on the Gold Coast, a $900 million project on a 1.13 ha beachfront site.