Sun, sand and surf are the number one attraction for international arrivals, with some areas attracting more interest with some groups than others.
Last year’s census results from the ABS reveal people from the Americas, such as the US, Canada and Brazil, prefer Sydney’s Northern Beaches while Irish and French arrivals are more likely to be found around the eastern suburbs.
In Sydney’s west, the ABS reveals 45 percent of people in Harris Park were born in India, while Cabramatta is still home to Australia’s highest number of Vietnamese-born residents.
Beyond the Emerald City, the Gold Coast has proven popular with New Zealanders whereas Dallas in outer Melbourne is the suburb of choice for a higher proportion of people born in Turkey.
Perth is proving popular with Brits, with many choosing the beachside suburb of Mindarie while more Scots are calling the suburb of Kinross home. And you’re more likely to find people born in Zimbabwe In the outer Perth suburb of Wellard.
Ray White chief economist Nerida Conisbee, says the results are revealing.
“It’s a fascinating look at the diverse demographics of Australia,” she says. “While most new arrivals to Australia come to Sydney first, it’s not then possible to easily find out where they decide to settle. The Census provides us with a deeper understanding into settlement patterns around the country.”
Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.
RMIT expert says a conflation of factors is making the property market hard than ever to predict
A leading property academic has described navigating the current Australian housing market ‘like steering a ship through a thick fog while trying to avoid obstacles’.
Lecturer in RMIT’s School of Property Construction and Project Management Dr Woon-Weng Wong said the combination of consecutive interest rate rises aimed at combating high inflation, higher property prices during the pandemic and cost of living pressures such as the end of the fuel excise that occurred this week made it increasingly difficult for those looking to enter or upgrade to find the right path.
“Property prices grew by approximately 25 percent over the pandemic so it’s unsurprising that much of that growth ultimately proved unsustainable and the market is now correcting itself,” Dr Wong says. “Despite the recent softening, the market is still significantly above its long-term trend and there are substantial headwinds in the coming months. Headline inflation is still red hot, and the central bank won’t back down until it reins in these spiralling prices.”
This should be enough to give anyone considering entering the market pause, he says.
“While falling house prices may seem like an ideal situation for those looking to buy, once the high interest rates, taxes and other expenses are considered, the true costs of owning the property are much higher,” Dr Wong says.
“People also must consider time lags in the rate hikes, which many are yet to feel to brunt of. It can take anywhere from 6 to 24 months before an initial change in interest rates eventually flows on to the rest of the economy, so current mortgage holders and prospective home buyers need to take this into account.”