22 Sep 2023
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
If you are still unconvinced that immigration is not the immediate pain point for the lack of affordable residential property in Australia then let us take a look at millionaire migration.
The High Net Worth (HNW) are defined as individuals having wealth over US$1,000,000 which is AU$1,560,000.
According to Henley & Partners the number one destination for HNW is Australia with 5,200 migrating this year followed by United Arab Emirates who are attracting 4,500 and Singapore bringing in 3,200.
These HNW are leaving China, India, Russia and United Kingdom which is no surprise apart from India who’s economy is very good, growing at 7.8% in the April to June 2023 quarter.
If the Federal Government wants to stop steep rises in residential property prices and steep rises in rents then it needs to either cut immigration immediately or streamline the building of more residential property.
Building more residential property is preferable because it brings economic benefits but it takes years to deliver on the supply of residential property which is needed today.
If you have family, friends or colleagues that want financial advice please ask them to contact us and we will work out how best to help.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.