29 July 2008
Australian immigration boosts property market
A property market analysis revealed a "home sales jump" in June after a slow start to the year, reports the Sydney Morning Herald. A Housing Industry Association (HIA) survey of Australia found that the property market is getting stronger, and has been attributed to record numbers of Australian immigration.
100 of Australia’s builders and developers took part in the survey, which concluded that house and unit sales increased by 4 per cent, detached house sales rose by 2.6 per cent and multi-unit sales grew by 15.5 per cent.
"Australia is seeing strong demand for housing fuelled by record year on year immigration," said HIA Chief Economist Harley Dale. "Clearly production of new housing needs to at least capture this demand."
New South Wales has been revelling in the highest growth of house sales, seeing a growth of 20.2 per cent over the past month, while the "resources-driven" Western Australia’s sales grew by 16 per cent, reports the newspaper.
The Government is focusing its overseas recruitment strategy to attract more people to move to Australia, particularly Western Australia and regional areas of the country. Western Australia is desperate for workers in the mining and construction industry while it tries to meet increasing export demands. The overseas recruitment strategy, or skilled migration program, has recently been praised by the Immigration Minister Senator Chris Evans for its success in meeting the needs of occupations in demand around Australia.
The Australian Visa Bureau is an independent consulting company specialising in helping people apply for an Australia visa.
Article by Jessica Bird, Australian Visa Bureau.