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LACK OF INCOMING MIGRANTS DURING CORONAVIRUS IS WOUNDING AUSTRALIA'S HOUSING SECTOR

A fall in migrants during the pandemic is causing a sharp drop in housing demand, with the sector urging the government to create a migration plan and extend HomeBuilder incentives.

Scott Morrison is being urged to extend the HomeBuilder program after new research found the coronavirus pandemic could savagely cut housing demand over the next three years.

The Property Council also wants the government to introduce a new migration plan.

Population growth could fall by 214,000 between 2019 and 2021, a decline only surpassed by World War I and the unwinding of the 1971 baby boom.

This is the result of international border closures that have effectively shut down overseas migration, which accounts for roughly 60 per cent of population growth.

As a consequence, housing demand could be cut by between 129,000 and 232,000 dwellings.

The National Housing Finance and Investment Corporation has also highlighted the potential impact of international students from countries like India and Brazil no longer being able to travel.

Evidence from the global financial crisis suggests economic factors such as the unemployment rate and the exchange rate are also important for international students in selecting Australia.

If you require any more info or need assistance with any visa type please get in touch with me at info@radiantmigration.com.au or visit www.radiantmigration.com.au and contact me via Contact us page.

Roshani Joshi

Registered Migration Agent

MARN : 2015750