One of the most significant trends in the Australian property market over recent years has been the growing number of immigrants buying and renting properties.
This is underlined by the fact that migration from overseas has accounted for up to 50 per cent of total population growth in some areas of Australia.
Population growth traditionally is a key driver of the property market as it underpins demand for real estate.
Not only do migrants require rental properties when they first arrive in Australia, but in later stages they start buying their own homes and then investment properties.
Professionals have found that a large number of our clients are migrants who have arrived in Australia over the past decade, then decided to buy property after financially establishing themselves.
A recent breakdown of where migrants choose to live in Australia indicates almost all move to the big four states.
According to the Australian Bureau of Statistics, 29.5 per cent of immigrants settle in NSW, followed by Victoria on 26.9 per cent, Queensland on 18.4 per cent and WA on 18.1 per cent.
They’re followed by South Australia on 5.1 per cent, the ACT on 1.2 per cent, the Northern Territory on 1.2 per cent and Tasmania on 0.6 per cent.
Migrants who have recently arrived in Australia should take their time when purchasing property. Property laws in Australia can differ from overseas, while there can also be major differences in property markets.
For example, Sydney is experiencing a property boom while house prices in suburbs of Perth are actually falling. Meanwhile, in Brisbane prices are starting to rise after several stagnant years.
However, one rule that does not change regardless of where someone lives is that “location, location, location” drives long-term property values.