Australia Sees Migration Hitting Record, Adding Strain to Rents
- Migration was originally forecast at 235,000 this fiscal year
- Surging immigration will tighten Australia’s home market
Housing estates in Sydney, Australia.
Photographer: Brook Mitchell/Getty Images
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Australia expects net migration to surge to a record 400,000 people in the fiscal year ending June, almost doubling from forecast and adding pressure on the already overburdened housing market.
The estimates were discussed at a meeting of Australia’s federal, state and territory leaders in Brisbane on Friday, according to a government spokesman. The talks form part of a larger conversation on how to reform Australia’s immigration system as well as easing the strain on shelter as home rents surge and the housing crunch worsens.