Now that our international borders have re opened to skilled migrants & international students we are seeing some significant changes to the Australian property market & more locally we are seeing Melbourne as a destination of choice for both sectors of those looking to rent & buy.
Visas issued for all types of entry into Australia has increased 10 times more in 2022 than we saw in the previous 12 months post pandemic. When it comes to buying searches India has led the way with a reported 79% increase. Keep in mind that these buyers will need to either buy brand new property or vacant land where development is planned based on foreign investment restrictions.
This means that we will see a huge increase in demand for new properties to buy & property also to rent. We are advising our clients that now may be the time to get back into real estate as a savvy investment as Melbourne is now the top Australian city searched from India, the UK, China, Hong Kong & Singapore.
One thing is for certain that supply is already strained at the moment, as the building industry rallies to catch up from the backlog to meet increasing demand. This will see prices increase in this sector of the market for new construction & development over 2023-24 in our opinion & bring a long awaited renascence to Melbournes CBD & inner suburbs apartment market.
The rental market will also rally for property investors as those mentioned above currently searching arrive in Australia & will add to the current rental property shortage being experienced across the country. For the first time in a long time getting involved in new good quality development construction is our advice to our investment clients who will have no issue attracting tenants & should see good appreciation at the same time.
