Without migrant buyers, Australia's property market is expected to struggle for 'several years'

Gold Coast real estate agent Sam Guo is used to making high end deals to sell penthouses and waterfront properties to Chinese buyers.

Prime Minister Scott Morrison has said he expects net overseas migration to fall 30 per cent this year and a staggering 85 per cent next financial year due to the virus. Since the start of the year, at least 300,000 temporary migrants are estimated to have left the country. "When COVID-19 hit, it really hit quite dramatically, we saw our phones go dead the week after the lockdown restrictions were in place. We'd had a pretty good run in February," he said.

He said the biggest impact will be felt in the major cities like Sydney and Melbourne where the bulk of population growth comes from net overseas migration. Labor’s home affairs spokesperson Kristina Keneally has called for a further reduction to Australia's migration intake when travel restrictions lift - a proposal causing concern among property market experts.

Good. Give aussies a break.

GOOD!!! Maybe Aussies can have a chance to own a home, keep out the wealthy Chinese who are robbing them while they struggle to buy. First its the whole CBD, ie Melb is totally overrun with Asians, then its our suburbs. WHY is Chinese money over young families prosperity!

Better than selling to them at the moment with ridiculous LOW values!! Best too hang on!! 👇🤪👇

Without migrant buyers, maybe Australian buyers will have a chance !

Selling our property to China is not beneficial for most Australians only real estate agents, needs to stop.

Stop migration now!we don’t need China migrants with $$ to take the housing market from underfoot of young Australians!Let them invest in China not Australia!stay away from Australia!

Call Donald Trump

Wonderful

About 4 months .....like every other down turn.

Sounds great!

Good. Because of greedy overseas buyers the property market has been over inflated for years. Maybe now our young people will actually be able to afford a home of their own.

Fantastic news, my children will be able to buy that house they are saving for 👏🏻👏🏻👏🏻

Just more threats to make us frightened-always with the Chinese, we are swamped with Chinese in Australia and they always looking for distressed property to land bank and keep money safe from CCP-glad it’s stopping👏👏

great news...might give some first home buyers here a chance...

That's FANTASTIC news. Our kids might be able to buy a home without having to wage war against non Australian Citizens.

So my kids will be able to buy a house in their own country? I don't see the downside.

GOOD!

Yes because it is the developers that are the only people who benefit from immigration. while the rest of the country lacks essential services continually playing catchup and now in enormous debt trying to do so.

This is Great News. I may be able to buy my first home in the next 12 months. The Great Australian Dream 🏡

So much for the lies about immigrants not making housing unaffordable!

Non residents cannot own land. Get it right. The bloody Queen doesn't have an Australian passport, has never lived here, but owns millions of $ property ? Brits are foreigners, but buy land in Perth, Sydney nd everywhere.

Prices will actually reflect reality, instead of the property bubble of inflated prices realators love. Oz buyers might be able to finally afford a home.

Great news. Thanks.

BREAKING: Immigration blamed for Australia's unaffordable housing

Good. Crash harder please.

It's worth it.

Good. Great news for Aussie first home buyers.

The sooner you get rid of Chinese speculation the more chance of Australian owning a home

WScetrine What does that say about Australia!

If by struggle you mean come down from the insane prices out there now ...

there is no empirical of that ,but migration must be stopped to prevent more greed

I blame the real estate FOMO 'fantasy' histeria. Which has now transformed into fear of 'realistically' going broke.

No way! You mean the population ponzi was behind mass indebtedness, highest residential property prices in the real world, wage suppression and the miss allocation of capital away from anything productive.

Perfect opportunity to let LOCAL people get into the property market. Too many times we see foreigners coming and buying land and young families struggling to even get a look in. Now is the time to close the door on foreign property investment and open a new door!

Gawd pretty pathetic effort by the SBS woke agenda. Now we’re supposed to feel sorry for RE agents who miss their fat ticket clip?

with no migration, how would SBS continue to predict their none aussie content?

Nothing to do with 60 rate cuts, loose monetary policy from RBA, APRA/ASIC/GOV ignoring Hayne RC recommendations and massive boosts from government grants backed by the property council. You can do better SBS

So basically pro-immigration are pro-high house prices, good to know that loves the ponzi Youngsters would be better off with Pauline

Might give the locals a chance

So, a win-win then.

Sooooo Aussie citizens can now afford to buy a house at a reasonable price? Sweet!

Good

Good , prices are way too high and foreigners should not be allowed to buy houses here 🤬

Fantastic. Australia for Australians not overseas investors

Will give the people of this country to purchase a home won’t it

Good. Keep the Vultures at bay.

Fantastic news! House prices in Sydney will fall and person on a single income will be able to afford to buy a house to live in? Sounds great.

Excellent

Shane Geha and Nigel Stapledon ‘experts’? Lols they are well-known vested interests and spruikers. This article is pure garbage.

What will the LNP bubble creators do now to keep it up?

If everyone was saying that the property market was overpriced and out of reach wouldn’t a reduction in value be a good thing?

That articles is related rubbish, the housing market will always be strong.

Australia should ban foreigners from owning property, just like New Zealand does, so that Australians can afford to rent or buy their own home, rather than face an artificially inflated housing market.

Nooooooooooo!!!! It's the end of the universe as we know it! 🐍🛢💩

Great news. Aussies will be able to afford to buy houses in their own country again? Let's hope it never 'bounces back'.

It should reduce to 2010 levels atleast for many yet to own...

An industry wildly affected by the slightest shift in economies, shocking

you will never miss a chance to go AGAINST Australia.

Not just the real estate market ..... Almost all industries rely on external factors, which is completely an abnormal economic phenomenon

Which is it What Sam means is his bottom line is hurting. I’m an idiot on how this all works but surely this means affordable housing across the board - not good news for those already with a mortgage though.

Oh no! We might not have the most expensive housing in the world any more.🙄

O noes! However will the foreign developers cope? The Parliament has the power to abolish the central bank, that would go a long way to restoring the culture & economy.

MdmAbsentMinded Aus must stop depending on migrants

Fine, bring prices of houses down to what Australians can afford.

How about leading with 'housing is expected to become more affordable for Australians'

“Migrant buyers” More like Chinese buyers. Stop this BS! Many Australians are struggling to pay off their mortgages or even buy a reasonably priced home. Enough is enough with allowing foreign people buying homes.

Property ponzi

Wow. Maybe the kids of Australians can now afford a home.

China see Australia perfect to takeover, for our location and for our assets. China see Australia as under-utilised, low population and easy to take. Chinese numbers in Australia will give China an excuse to take Australia to protect Chinese interests, like Russia taking Crimea.

MSMWatchdog2013 We need a permanently sensible level of migration. Senate votes for VoteSustainable is the only way to make it happen. The ALP and LNP are too busy trying to run up GDP figures and benefit developers and their donors - it's ruined housing affordablity, wages debt levels.

China see Australia perfect to take over, for our location and for our assets. China see Australia as under-utilised, low in population and easy to take. China has industry control and only need an excuse to take Australia to protect Chinese interests, like Russia taking Crimea.

Here's a thought. Do we need to bounce back to the stupidly over inflated market?

So, this is why the housing markets have been out of reach of many Australian buyers. Maybe this is at long last a chance for homebuyers that have been condemned to renting for years. Maybe the Federal Govt should seriously consider banning overseas buyers from our land & housing

Experts say a lot..🙄🤦‍♀️

yaye!!

Yes, but they will tax us less to pile on extra trains, tunnels and roads to the exact same places we go already InfrastructureAintFree

'experts'... yeh right😂😂😂😂. i'm fed up with the so called experts. its about time the 'experts' got out in the real world, then they may be able to supply accurate predictions.

Young Australians will be able to buy again. The great Australian dream.

Good

Good. Affordable property for young Australians

“... and experts say ...” Zzzzzzzzz.

So fucking wrong China knocked Australia on its ass now they take advantage its like derailing a train to rob the passenger

There are many how are suffering through this ChineseVirus So why is SBS who is supported by the Australian taxpayers pushing immigration, immigration that voters didn't support in the last election or China's property grab ..

This Realestate Agent from GoldCoast has let the cat out of the bag. It’s an eye opener. The True Picture of Australian Property Market

So let the overheated market correct and get back to some sense of intrinsic value. In the meantime real estate agent commissions become a little leaner and scales may tip to favour buyers for a while...

Its time to change how the'property market'is viewed in Australia. Housing is a citizens right to security and safety and should not be viewed as a high return investment to be exploited by anyone from anywhere on the planet. Rent will enslave our country just as debt is. Change!

Finally admitting Australia’s immigration Ponzi scheme is the cause of ridiculously unaffordable housing prices

To paraphrase Paul Keating, this is the correction we need to have.

This country is all about 'fake' growth. No innovation. Laziness.

BS. The Wuhan Flu is the problem. Stop selling out Australia to foreign interests and let Australians go back to work.

Not a bad thing

Good. Very good. 10-12 times the average salary? Ordinary Aussies have been suffering for years!

Awwww that’s horrible, maybe the future for OUR children to live the great Australian dream is reachable again!!!!. If you don’t intend to live as an Australian, in This beautiful country, your welcome to buy your house in a country you do want to be a citizen in!!!🇦🇺

Who cares

Young Australians might rejoice at the thought of actually being able to afford a home

Real Estate in Sydney & Melbourne ratshit long term with 40% corrections on the way over the next 18 months. As for Qld(cotcase)😥

I reckon if SBS and its experts disappeared... so would all the problems they always bang on about. Pffft ! Experts?! Fk off

No other country in Asia allows foreigners to it real estate especially white people

Only two words are most appropriate ...suck it!

Funny how during boom times it was never a demand problem, always just under supply and don't blame foreign buyers...

That’s a nice change. Maybe Aussies can afford to buy a home and not rent for life because of foreign buyers and property developers.

Decoupling with China. Let Aussies enjoy cheaper house and food before we step to export

exellent.

Alternate headline - Property market great for first home buyers.

Hahaha that's one upside then. Maybe the bulldozers will stop knocking down History & replacing it with ticky tacky in the 'burbs. Australia

Finally!! It’s about time hey

Good... let out have a chance to buy a house!!

Am I right in thinking the housing market will slump? So our kids having been locked out of the market for such a long time by int’l buyers still won’t get the chance to buy, even though prices will fall, but not by enough to allow them to put their foot in the door?

What a conundrum... The far right don't want migrants... The far left think more poulation equals over-development Pauline wants a white Australia Workers are worried about losing jobs Farmers are concerned they won't have cheap cherry pickers... sigh...

Get out there and spread the virus. It's the only way to stop the destruction of our country

This is the migration scam to impoverish Australians. Elite globalist capitalists & their media promote the lie artificial inflation of house prices by foreigners is a net benefit to Australians. Immigration suppresses wages & increases house prices.

Excellent. We're full!

Great, something has to go in favour of our kids future.... they’re already going to be paying off a massive economy loss... hopefully they won’t have to auction against chinese bidders like many Australians have to today.

'Without migrant buyers Australia's property Ponzi scheme is busted' Fixed the title for ya

Good! Gives me time to save up a deposit!

It would be a shocking feeling owing allot more on your home when it’s worth allot less. I wonder if the banks would require some sort of “margin call.?”

SBS and other news agencies such as ABC have been saying for years migrants DO NOT impact house prices and to say so means you are a bigoted racist. Therefore SBS is a bigoted racist for suggesting this. SBS you just don't like people of colour, just admit it!!!

The rich university students educated here go back to India&China speak of great beaches here etc, china's millionaire population is same as our national population, giving them an unfair advantage. No fair go 4 Aussie. Wake up Aussie, polly doesn't care, they property investor

Guess the catchphrase....

OMG what will Australia do without migrants buying houses and tourists spending money? Oh well guess it's back to exporting dirty coal to China and India, should tie Australia over until the tourist and migrants return .... all good mate, now let's watch the footie ... oh damn.

Sooo you're saying house prices will drop and our kids will have a chance to own a home in this country as opposed to foreign nationals owning everything and artificially keeping the prices high? I'm not seeing a negative here

aww prices will drop and real people will be able to afford them ha ha

Hooray then Australians may afford houses

I was of the opinion the government put a temp hold on the FIRB and for the next 12 months requires every purchase by a foreigner over $1 to be reviewed, and the review time is extended to 6 months?

Why is this bad. Governments have been pushing our housing market for decades. Maybe they need a new way in getting money

Quite honestly they need to stop building those box apartments in Sydney. They are an eyesore ...

We should put up 60-90 leases on international buyers like they do in other countries. Ensure no foreign allow to inflate the market

Boo fucking woo. Cry me a river.

Actually, no. Property's will continue to sell as Vendors and Developers realign their margins with market expectations.

Good, it’s unsustainable.

We have no problem for the properties to remain owned by Australian

Oh no.. Australians will prosper from this.. can't have that

I can’t feel sorry these people but I do feel sorry for people who have huge mortgages due to over inflated home prices who may now owe more than their home is worth. It’s a scandal that this has been allowed to happen.

Are you telling me people were LYING when they said migration had no effect on house prices

But I just read that Chinese buyers were taking advantage of the drop in prices

They openly admit there betrayal of the Australian people. These scum are the reason my children will never own a house and my rent is so high. The time will come when all this corruption will be punished.

I don’t think Australia has anything to worry about.

We shouldn't have used this Ponzi scheme to push up property prices for the past decade...

Yes, let's return to reality-based real estate, which is aimed at the local market, not overseas speculators.

This is a garbage story , and a very thinly veiled narrative.

I see this as a win, win scenario, for people living in Sydney and Melbourne. New home construction will continue and better meet the current demand.

Ponzi scheme collapses

It is very unfortunate the communist spies can't buy property to use as a sleeper cell to plan an attack on Australia.

Good

At least our kids might be able to afford a house now!

This is the problem right here, first sentence: “ Gold Coast real estate agent Sam Guo is used to making high end deals to sell penthouses and waterfront properties to Chinese buyers.” This is atrocious! aussiedreamdead realestate

Struggle? Some would say correct itself.

Migrants SHOULDN’T be buying our real estate! This is why property prices are high and cashed up foreigners are pushing Audsies out of the market. Every open house this week was filled to the brim with foreigners that can throw down hard cash and no Aussies can compete! auspol

But willI turn drop prices giving Australians the chance to buy

Perhaps prices will settle to realistic levels.

Good. It's a bubble anyway.

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Housing industry will 'go off a cliff' without govt support | Sky News AustraliaLabor is calling on the government to provide a funding boost to social housing projects as concerns grow over the impact of COVID-19 on the construction industry. \n\nIn a grim assessment, Shadow Housing Minister Jason Care said the housing industry was “about to go off a cliff” with predictions the market could drop by as much as 20 per cent. \n\n“The government needs a plan to make sure that we keep these tradies and these small businesses working over the next few months, instead of all these tradies on the dole,” he said. \n\nMr Clare said government support for social housing could shore up the industry. \n\n“One obvious way to do this is to build more social housing, to repair social housing, it’s the sort of thing that has been done in the past — you can do it quickly and it works,' he said. \n\nWhen asked who would foot the bill, Mr Clare said the government should team up with its state counterparts, superannuation funds, and private investors. Government spending money in housing will crowd out private investment. Social housing is run by the States and Territories go ask them. Fools
Källa: SkyNewsAust - 🏆 7. / 78 Läs mer »