Australia declines the thought of curbing immigration in view of high Real estate prices
In recent string of events, Australian government has refused to curb the immigration in view of the rise in the house prices in the country. Australian Prime Minister Malcolm Turnbull, vide his recent statement defended the immigration as a key source of Australia’s economy, growth and development.
Rising Real Estate Prices remains a concern
The immigration is being blamed for the upsurge in the real estate prices in main Australian cities, i.e. Melbourne and Sydney, where vast number of immigrants live.
Prime Minister Turnbull stated that government is not looking to curb the immigration rather; it is making constant efforts to make it relevant for the country by choosing the best and brightest talents from overseas, which can play a key role in Oz economy and growth.
A few political leaders and businessmen believe that upsurge in immigration is directly proportional to rise in house prices in the major cities, which middle class families usually cannot afford. As per recent reports, the house prices across major cities have increased over 10 percent in last one year, especially in key cities, i.e. Melbourne and Sydney.
Sydney leads the upsurge in the house prices with over 16 percent increase in last one year. House with a backyard is the basic right of young families, which are being denied due to massive population in the top cities, says an Entrepreneur.
Contribution of Immigration to the Australian economy and growth
The other aspect of Immigration in Australia has been its key contribution in the economy and development of the country. As per a report from Migration Council of Australia immigration will contribute about $1.6 trillion to the gross domestic product (GDP) of Australia by 2050. As per Department of Immigration and Border Protection (DIBP) every year, most of the migrant places provided by Australia are in skilled migration, which lure individuals with a high qualification, skills, and mainly working age people.
Government looks to settle the real estate chaos
However, despite everything, presently the government is looking at different possibilities and innovative plans, i.e. from deposit-free home loans to high-speed rail links. The high-speed rail links enable the families to live outside major Australian cities and commute easily to work.
As per Housing Industry Association (HIA), immigration should not be held responsible for increasing real estate prices. The families not able to afford the house prices are due to the supply side problems, i.e. infrastructure funding, taxation of new housing, slow land release and other roadblocks, in the whole system and planning.
The Government is Positive about Immigration
Despite some individual views and concerns, the government is quite positive about the immigration of skilled and talented individuals from overseas. They have designed different skilled visas and streamlined the whole immigration system over the years. The year 2017, would be really happening for the immigration to Australia, in view of several immigration rule changes and key reforms introduced in last few months. If you have plans to apply for skilled visa in Australia, you may coordinate with a trusted Visa and immigration consultancy firm for the vital immigration process support.