The biggest collapse in Australia's population growth since World War I will drive a huge fall in new home construction that could hold back the nation's recovery from the coronavirus recession.
About 60 per cent of the nation's population growth over the past decade has been driven by net overseas migration, which totals 2.7 million residents. But the closure of the border, as well as concern globally among people moving between nations, is expected to lead to that collapse.The number of international students, who account for about half of net overseas migration, has also collapsed in a development that has forced some major universities to cut staff.
If population growth holds up a little better, the market would bottom at 110,000 in 2022. Even that would be the worst annual performance since the 1980s.The drop-off in construction would then amplify the economic pain being felt by the country. The corporation says the drop in population growth will also hit rental markets, particularly those dependent on international students.
Source: Real Estate Daily Report (realestatedailyreport.net)
swrighteconomy bad for property developers and all the other parasites hooked on ponzi growth, good for everyone else
swrighteconomy
swrighteconomy Will they really have enough homes to house the homeless?
swrighteconomy more than happy for my Sydney home to drop in value . . . zero immigration for 2021 more useful than zero emissions 2050
swrighteconomy Provide better housing for the people we’ve already got. Homes for the homeless. A good quality home for everyone built with community in mind. With outdoor space and parks. Gardens and allotments. Publicly owned gathering places. Amenities for community growth
swrighteconomy That ridiculous renovation initiative by the government certainly didn't help anyone either.
swrighteconomy Dangerous word will stating will happen- better to use could just in case it doesn’t- If house prices fall due to reduced demand then more ppl could buy - who otherwise cannot afford to do so
swrighteconomy Burn baby burn
swrighteconomy Oh, no! Rents might fall!!
swrighteconomy Australia’s immigration policy is dictated by the property and construction sectors for the purpose if maximising developer profits (at all costs). It is then dressed up as the sacrosanct ”multiculturalism” and ”diversity” cult.
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