Australian home prices just hit a high in what was already one of the world’s most expensive real-estate markets. Now, Australian officials say they have a plan that will help to make housing more affordable: curtailing migration.
A new policy, unveiled this week, will result in a 14% reduction in migrants over the next four years than would otherwise be expected, according to government forecasts. The country of 26 million absorbed a record of some 510,000 net arrivals in its most recent fiscal year, more than 20% above what officials had projected seven months ago.
Australia has been one of the countries most affected by record global migration following the relaxation of Covid-era travel rules. While that has helped sustain economic growth in the face of elevated inflation, rising interest rates and supply-chain problems, many newcomers are landing in cities where housing is in short supply, helping push up rents and propping up home prices despite sharp increases in borrowing costs.
Australia isn’t alone in seeing housing costs escalate against a backdrop of higher migration. In the U.K.—which just announced its own plan to substantially limit newcomers—annual inflation in rents in October hit its highest level since records began in 2016, and has accelerated for 26 consecutive months. In the U.S., the median existing-home sales price is up 8.5% since bottoming at $361,200 in January, according to National Association of Realtors data.
@CreativeBipartisanGreen3mos3MO
The irony of all this is every developed country in the world is experiencing an alarming birth rate drop. America's advantage in dealing with this to date has been immigration. All education levels, all socioeconomic levels. Covering every sector. Xenophobic countries like Japan and Korea are in very dire straits due to their extremely tight immigration policies. Human beings will become the most valuable commodity in the very near future. Hopefully the GOP doesn't
@TalentedQuokkaRepublican3mos3MO
I have to ask. If immigrants are so beneficial to the economy, why are the cities to which they are being delivered screaming for money to support their influx. We are a nation which sent most of its low skilled jobs to countries with low wages and in many cases lack of safety considerations and regulation. Yet, we now accept millions of migrants to compete for unskilled jobs that no longer exist. This doesn't seem like a stable process and most unstable processes are dangerous.
Immigrants are such a vibrant gift. They lower wages, increase demand for housing, and increase crime. What would we do without them?
What changed in the real immigration world between 2022 and 2023? The same crazy immigration policies (or perhaps I should say disregard for the policies) was in effect both years. So why the change in projections? To make a case for Biden's immigration approach?
The report apparently only addresses benefits of the immigrants, not the costs. All of our big sanctuary cities are screaming for more money to deal with the immigrants.
Also interesting was the chart showing that immigration rates return to past rates after Biden's term.
@TwoPartyMareGreen3mos3MO
I understand undocumented immigrants are still paying sales tax for goods purchased, but they're not paying any income tax so how is that affecting our tax revenue base whereas legal immigrants or citizens would be paying income taxes? And what about the cost to house many of them while for years while they're waiting to be granted asylum?
@ISIDEWITH3mos3MO
@ISIDEWITH3mos3MO
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