Increase in demand for property in Australia owing to hike in net overseas immigration

As per the latest figures revealed by the Australian Bureau of Statistics, the net immigration levels to Australia are increasing at a fast rate. The Demography Director of Australian Bureau of Statistics Beidar Cho said that there was a 9% increase in the net immigration levels to Australia for the year that concluded on September 2016. This increase has added 193, 200 people to the total population of Australia. However, this growth was still short of the growth witnessed in the year 2009 wherein almost 300,000 immigrants were added to the population of Australia. In the previous year, the fastest growing net overseas immigration was witnessed by Queensland with an increase of 19%. Victoria and NSW remained the favorite destinations for immigrants with the growth of 13% and 11% respectively. The only other state that had 9% net overseas immigration when compared to the previous year was the state of Tasmania. The Australian Bureau of Statistics also revealed that the population of Australia increased by 348, 700 people to reach 24.2 million by the conclusion of 2016 September. Net overseas immigration resulted in an addition of 193, 200 people to the Australian population that accounted for nearly 55% of the nation’s total growth of population, quotes Yourinvestemntproperty mag. This increase in net overseas immigration has resulted in increasing the demand for residential property in Australia according to Digital Finance Analytics’s principal Martin North. These newly arrived immigrants will be seeking housing properties that are in close affinity to workplaces, universities and good schools. They will also look out for suburb areas that have the appealing infrastructure, strong native support communities and amazing amenities. Y-Axis Australia office is situated in affinity to Melbourne Central amidst innumerable educational institutions. Everyday immigrants, skilled professionals, and students’ walk-in to our office seek legal advice on immigration. They are provided assistance for immigration and visa applications by Registered MARA Agents. If you are looking to Migrate, Study, Visit, Invest or Work in Australia, contact Y-Axis, the world’s most trusted Immigration & Visa Consultant.