Immigration to Australia has changed dramatically over the last ten years, with higher percentages of migrants from Asian countries than European countries. This change has also changed the demands of the housing market in Australia. Asian migrants are looking to settle in houses in suburbs with established Asian communities, while young families are looking at new or newly renovated homes and students are looking to settle nearby universities, shops and public transport. These trends are pushing housing demands up in particular areas in Sydney and Melbourne, and in townhouse and apartment complexes.
As well as the changes in demand though, there are also changes in prices as where most Australians see housing in Sydney as expensive, Asian migrants are seeing higher value in the properties and are therefore willing to spend more. This is also shifting demand and causing price increases in particular suburbs in Sydney and Melbourne, making it harder for young Australians and families to purchase their first homes for an affordable price. However, without the foreign investment and immigration Australia’s housing market will suffer, as will our communities and economy.