The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
25 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
25 DAYS UNTIL OUR FLAGSHIP CONFERENCE 29-31 JULY, GOLD COAST
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
11
print
Print
ResidentialTaryn ParisMon 01 Mar 21

Property Industry Lobbies to Kickstart International Migration

e7cc6970-6766-4486-8290-9e4ab87f1513

Developers and lobby groups are calling on the federal government to kickstart plans for international migration to help inject confidence into the inner-city markets and put the shine back on Sydney and Melbourne property.

While the trend of overselling and undervaluing properties has turned, the overheated markets have cooled over the past year with an exodus to the regions, and an exposure to international migration.

Developer Tim Gurner said he was “bullish” about the future of the eastern seaboard but the government was going to have to boost immigration as part of the economic recovery of the country.

“They’re going to have to pump immigration, and we’re building nothing. There’s nothing being built and we’re going to have a massive undersupply in a couple of years,” Gurner said.

“I think in three years time we will be looking at it going holey-moley where did this boom come from … [but] it will take immigration. We’ve got to get 60,000 students back in the CBD in Melbourne, that will change things overnight.”

The Property Council of Australia has joined the growing number of voices calling on the Australian government to do more to kickstart overseas migration post-Covid.

“We now need to pivot towards a growth agenda. Australia has amassed the expertise and has the capacity to reignite the big economic engine of population growth while simultaneously protecting Australians,” chief executive Ken Morrison said.

“This means setting concrete plans to upsize border processing and quarantining arrangements so that more people can cross the international border.”

Auction clearance rates of 90 per cent last weekend reinforced a more confident Sydney market, but more needed to be done to shore up international migration plans to bolster construction sector confidence.

Off-the-plan settlement valuations

^ Off-the-plan settlement valuations lower than the contract price and at least 10 per cent lower than the contract price. Source: Corelogic


Fiducia development director Marie Doyle said while the market had taken a hit in 2020 there was a growing anticipation that could “put the shine” back on the inner-city residential sector.

“I think Sydney is still performing well … there’s certainly this anticipation of more confidence in the market for purchasers that are looking into that,” Doyle said.

“I think the key in Sydney at the moment is really about putting confidence back in the market for buyers.”

ResidentialAustraliaMelbournedo not useConstructionReal EstateConstructionSector
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
View All >
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
The city with Australia’s highest parking rates, and cheapest public transport fares, is also proving our best performin…
LATEST
ESR building ESR completes delisting
Industrial

ESR Reveals New Team After Hong Kong Delisting

Leon Della Bosca
3 Min
the four concept towers approved for sydney metro's parramatta precinct
Development

Rush of Approvals Sends Parramatta Skywards

Renee McKeown
2 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Bunnings Clyde North
Markets

Bunnings Sold On as Charter Hall Doubles Down on Retail

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/property-industry-lobbies-to-kickstart-international-immigration