02 June 2008
Immigration will mean 'no fall in Australian house market'
High immigration levels to Australia mean the country is unlikely to experience a crash in the property market. The global property sector's recent uncertainty has been predicted to leave the country unaffected as people holding a visa to Australia will need accommodation, according to the Sydney Morning Herald (SMH).
Low construction levels coupled with increased levels of highly skilled migrants and business to Australia is creating a shortage of supply in the housing market, meaning house prices are unlikely to fall. The SMH has predicted a crash in prices "isn't on the cards for at least a few years". It added that people engaged in Australian immigration may even be able to pick up a bargain property when entering the country.
Terry Ryder, a former property writer and owner of Hot Spotting, told the newspaper of 12 locations in the country where it is possible for Australian visa holders to buy for under AUS$200,000 (£97,000), with one region having homes available for $90,000. Senator Chris Evans, the Immigration and Citizenship Minister, dismissed claims last week that Australian visa holders would increase house prices. Instead, he said they would boost the low housing stocks.
Australia needs skilled workers: Anyone applying for an Australian visa should begin by completing the Australian Visa Bureau's online Australian visa application to see if they meet the Australian visa requirements.