It may have one of the most resilient property markets in the world right now, but Japanese investors are seeking some southern exposure.

While many investors are looking for deals in Japan’s low interest rate ecosystem, the nation’s pension funds are hunting in Australian waters—in a big way.

Japan’s capital volume for 2023 is in excess of $2.5 billion to date, 11 times its 10-year average, according to Colliers managing director of Asia Pacific markets Chris Pilgrim.