Coming Soon: Buyer Frenzy from China!

Coming Soon: Buyer Frenzy from China!

Interesting information through in the news this week, showing that the National Day Golden Week is China’s big holiday when 760 million Chinese workers are able to take a week off every October. For China’s rich and wealthy, the Golden Week provides the perfect time to head overseas for holidays, shopping, university visits along with the pursuit of property.

The Chinese strongly believe in generational investments, and property is deemed a safe and lasting asset to pass down for generations, especially if it’s with freehold ownership rights like Australia.

Ctrip, the online travel portal, is predicting more than six million Chinese travellers to head overseas during the break which kicks off tomorrow through to October 8.

Australian population growth is picking up speed again, thanks to immigration, and as always, demand for property is what will keep Australia’s housing market stable. According to data released by the Australian Bureau of Statistics (ABS) this week, Australia’s estimated residential population soared by 389,100, or 1.61%, to 24.512 million in the year to March, the fastest increase since 2014.

From 1990, that means Australia’s population has now increased by a mammoth 40%!

Over the year, most of that growth came via net overseas migration, increasing by 231,900, or 2.4%. Natural increase, a figure simply derived by subtracting deaths from births, accounted for the rest.

This simple chart from the ABS shows the breakdown between the two groups, along with the total increase in Australia’s population.

As natural increase slows, net overseas migration is picking up, and fast, returning to the levels seen immediately before and after the global financial crisis, periods when Australia’s economy was significantly stronger than what is presently the case.

Australian job vacancies are at record levels

And finally, news through from the Commonwealth Bank & ABS, shows that job vacancies hit the highest level on record in the three months to August.

According to the Australian Bureau of Statistics (ABS), vacancies jumped by 6% to 203,700 in seasonally adjusted terms, leaving them up a staggering 15.4% on the same period a year earlier. In trend terms, eliminating volatility in the seasonally adjusted series, vacancies rose by a smaller 3.9% to 201,300, up 14% from a year earlier. Adding to that view, recent data from jobs website Seek revealed that salary levels are now starting to accelerate in industries where hiring levels have been strong.

By mainland state, vacancies rose in New South Wales, Queensland, Western Australia and Victoria. The gain the latter was particularly impressive, as seen in the chart below.

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Have a great weekend and catch you next week!

Troy Gunasekera

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