Overseas migrants climb property ladder
The number of overseas migrants moving to Australia has shot up by 20 per cent over the last two years, bolstering the domestic property market.
Population growth is a key driver of the property market as it underpins demand for real estate, and migrants requiring rental properties on first arrival to Australia are expected to drive demand higher when they buy their own homes and investment properties.
ABS population figures for the March 2013 quarter reveal that net overseas migration to Australia topped 73,398 people during the March 2013 quarter. This compared to 60,970 people during the March 2011 quarter, representing an increase of 20 per cent over the last two years.
Overseas migrants account for over 60 per cent of total population growth in Australia during the quarter.
The June figures will be available next month. For the full breakdown of the figures from the ABS, please see here.