More overseas-born Australians today than in the last 120-years
The percentage of Australian residents born overseas has increased every year for the past 15 years and, in June last year, reached 28.2 per cent, or 6.7 million people. This is the highest percentage rate since the late 1800s.
Data from the Australian Bureau of statistics released this week shows that the percentage of people born overseas has increased again. Little wonder, with these still very large new migrant numbers the demand for housing is growing and we see more and more of our suburbs in the larger cities with median prices going over $1 million. Little wonder that low income earners are finding it almost impossible to find and rent affordable places and little wonder that our vacancy rates for investment property are still very low and below what most would term a balanced market.
A surprise for some shows that residents from the UK remain the largest group of overseas-born residents at 5.1 per cent of the population. Kiwis make up the next largest group at 2.6 per cent, followed by 2% China, 1.8% India and 1% for both the Philippines and Vietnam.
Victoria, again, welcomed the largest number of interstate migrants with a net gain of 10,200 people making it our fastest population growth state, followed by Queensland with a net gain of 8800. NSW suffered a loss of 6600 although it did received the highest number of overseas migrants totalling 66,100 last financial year so the population of NSW is still growing strongly even although we have the highest number of people leaving the state to go interstate.
Little wonder the demand for rental of investment property is increasing in various parts of the country. Keeping an eye on these figures is important in choosing the best suburbs for property investment but the numbers should also give property investors confidence in finding permanent renters for their property investment. Read more: http://goo.gl/nbrirR
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~ Lime Property Solutions
