Migration and our housing markets – Where to now with recent policy changes? PROPERTY INSIDERS VIDEO

While I see a number of short term challenges ahead for our property markets I’m confident in the long term.

While there are many factors leading to the continual growth in value of well-located properties in Australia, when you boil down, there at two long-term growth drivers and these are:

  1. Our increase in household formation – our population growth
  2. The wealth of our nation

We need both for robust growth in property values, but what’s ahead with the recent change in migration policy and perhaps a new government?

Watch this week’s Property Insider video as Dr Andrew Wilson and I discuss migration as a key driver of our property markets.

You’ll see us discuss:

  • Australia’s population is growing faster than any other developed country – a combination of natural population growth and immigration.

Population Growth 3

 

Population Growth

  • The election fuelled policy changes designed to restrict recent record levels of migration will impact demand for housing- particularly in Sydney and Melbourne which are clearly the most favoured destination for international migrants.
  • Strong net migration performances by Melbourne and Sydney over recent years fuelled burgeoning house price growth.
  • By contrast declining net migration from Perth, Darwin and Brisbane have kept house price growth relatively subdued.
  • Revival in net migration levels recently in Brisbane, Adelaide, Canberra And Hobart has resulted in upward pressure on house prices

Population Growth 2

 

Population Growth Rate Year Ended 30 June 2018

  • Plans to redirect migrants to regions is as usual doomed to fail as once compulsory period of settlement has concluded migrants head back to big cities for better career opportunities – Adelaide key example.
  • A Labour government could be expected to favour higher levels of migration which would be a positive for housing markets.

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Michael Yardney

About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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