July 15, 2024

Vagmare.com

The Intersection of Information and Insight

Australia’s unprecedented migration surge has now peaked

3 min read

Australia’s recent surge in migration, largely driven by the influx of international students and backpackers, appears to have reached its peak.

We have experienced a record-breaking rate of net overseas migration, estimated to have reached 500,000 people in the year to September 2023.

This spike in migration has been underpinned by international student numbers surpassing 650,000, with a substantial portion remaining in Australia on various post-study and pandemic visas.

However, this trend is set for a downturn according to a report by the Australian Financial Review.

Our rental crisis

This  recent surge in immigration to Australia has had a significant impact on the rental market, leading to a “rental crisis.”

This influx, concentrated in our urban centres, has drastically increased demand for rental properties, resulting in a sharp rise in rents and a shortage of affordable housing options.

Looking ahead, as the migration peak begins to decline, there might be some relief on the horizon for the rental market.

While the expected reduction in the number of foreign visa holders and stricter immigration policies could ease the pressure on housing demands, this transition won’t be immediate, and the rental market may take time to adjust to the changing migration patterns.

Look at the numbers

More than 160,000 foreign visa holders are expected to see their visas expire in the coming months, coupled with stricter immigration rules that are likely to reduce the number of new arrivals.

The so-called 408 COVID visas, held by approximately 120,000 individuals, are also nearing expiration.

Additionally, there has been an 80% decline in the number of state-issued skilled and regional visas for the financial year 2023-24 compared to the previous year.

Peak migration

The impact of this peak migration is multifaceted.

The Government has designed its Migration Program to address persistent and emerging skills shortages and to attract people with specialist skills that are difficult to find or develop in Australia.

As Australia is building the domestic pipeline of highly skilled workers, the permanent Migration Program will help:

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