Migrants flood Qld property market
Australia’s status as a safe haven has attracted more cashed-up foreign property buyers than any other country globally, while strong population growth was among factors pushing home prices to a new record high.
In 2023, Australia reclaimed the top position for net millionaire arrivals, with about 5200 individuals entering the country, according to a new report by Gold Coast real estate agency Kollosche in collaboration with industry analyst Michael Matusik.
The United Arab Emirates ranked second with 4500 new millionaires, followed by Singapore with 3200, and the United States with 2100 cashed-up migrants in 2023.
It comes as PropTrack’s latest Home Price Index shows values lifted 0.23 per cent nationally to hit a new record in April, with home prices now 6.6 per cent higher than at the same time last year.
Brisbane was one of the top performing capital cities, with the typical home price of $818,000 now 12.82 per cent higher than last year.
The PropTrack report shows home prices in regional Queensland also hit a new peak in April, up 10.03 per cent annually to $659,000.
PropTrack senior economist Eleanor Creagh said a “mismatch” between supply and demand would drive prices higher over the coming months, despite rent easing in population growth.
“Strong population growth, tight rental markets, low unemployment and home equity gains are stimulating housing demand,” Ms Creagh said.
“Meanwhile, the supply side of the housing market has fallen short in responding to substantial demand.
“Building activity is at decadelow levels, exacerbating the housing supply shortage.”
Kollosche’s Property Price Drivers report found foreign demand for Australian housing was greater than ever, with net immigration numbers up by 500,000 in the year to June 2023 – more than twice the intake in 2019.
While many of Australia’s new millionaire migrants settled in either Sydney or Melbourne, the Gold Coast attracted an average of 10 to 15 per cent of them each year, according to the report.