NEWSPORT DAILY-Return of immigration puts pressure on real estate market

A key driver of a return to more immigration is Australia’s lowest unemployment rate in decades, leading to skills shortages in many sectors, with Wargent seeing evidence anecdotal evidence to support this, “With many stores advertising urgently for new candidates to fill vacancies, while vacancy surveys continue to report exceptionally high vacancy rates.

Return of Overseas Backpackers

It’s something Shire residents and businesses will identify with. As the tourism market rebounded for much of 2021, some businesses were forced to modify or reduce opening hours, operating with reduced staff as they struggled to fill vacancies that were virtually impossible to fill. .

A gradual increase in immigration will help ease these staffing pressures in the Shire, particularly as a younger cohort returns to our shores on work/travel visas.

Referring to recent federal budget documents predicting the steady return of net overseas migration, Doron Peleg, CEO of BuyersBuyers, says this could happen due to a recalibration of the visa program for skilled migrants and in offering residency to temporary visa holders and more residency pathways for international students.

Wargent believes the natural correlation with a return to normal immigration levels and “up to a million new people every three years necessitates major housing investments.”

‘Crystal ball’

Local LJ Hooker general manager Michael Samson says it’s been difficult trying to “crystal ball” the real estate market and trends pre-COVID and over the past two years.

“Initially, all the experts predicted a real estate crisis,” suggests Samson, while emphasizing that the opposite has happened, with record prices recorded locally.

Asked how a return to normal immigration levels would play into that, Samson said, “I currently think we could go back to a more ‘normal’ type of market.”

But he doesn’t go too “crystal ball” on the magnitude of the increase in immigration and the ripple effect on property prices.

“Australia as a whole could expect an immigration boom over the next few years. We will have to wait and see and understand how the new government handles immigration laws.