Australia capturing Chinese middle class attention: Pete Wargent
The ABS released its Overseas Arrivals & Departures figures for September 2015 which confirmed that net permanent and long-term migration continued to slow to +282,400 on a rolling annual basis, which is now the lowest level since July 2007.
With New Zealanders and Europeans having increasingly opted to pursue more appealing or lucrative career and lifestyle choices elsewhere, net immigration into Australia is now overwhelmingly being driven by Asian migrants.
Meanwhile tourism has become of the fastest growing sectors of the domestic economy. A recent Deloitte Access Economics report noted an existing shortage of 38,000 workers with a projected further 123,000 workers required by the end of the decade, leading inevitably to industry calls for a relaxation of visa rules.
Part 2 - Record visitors
Gosh! The number of visitors from China continues to explode at a breakneck pace being up by an outlandish 27% from September 2014, with more than 1.3 million visitors arriving from China and its provinces over the 12 months to September 2015.
The student visas boom is very much a capital cities phenomenon, which is one of a multitude of reasons that Australia's capital cities are set to capture an even greater share of population growth over the next decade.
With recent changes to rules and regulations in New Zealand having reportedly curbed Chinese interest in the Kiwi property market, the above demographic shifts have potentially significant implications for Australian real estate over the remainder of the decade.
Anecdotally there has been a renewed rush of interest in Australian property from would-be Chinese investors.
A significant share of new arrivals come to Australia for education but stay for the long term on other substantive visas - it's one the reasons that Chinese investors are so active in targeting Australian property markets.
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
His latest book is Four Green Houses and a Red Hotel.