NSW Reduced Immigration means NSW is the best state to invest in

So believes John Edwards from Residex:

The 14% cut in skilled migrant arrivals is around 18,500 people, or an overall cut of 8.7%, as there were 213,000 permanent overseas migrant arrivals in 2007/08. This translates into a need for 8,000 less rentals than would otherwise have been required in a market where there is a current unmet demand for around 50,000 dwellings. However, the cuts will not hit the rental market equally throughout the country, as the unmet demand is much greater in some states than others. NSW has 63% of Australia's unmet demand, Victoria has 16% and WA has 14%.

More here Residex Newsletter - March 2009

 

When I travel overseas and chat to people most of them would put Melbourne and Brisbane ahead of Sydney as preferred place to live. I kind of agree that Sydney lost it gloss lately. In the past decade many people simply moved interstate for chipper lifestyle while there was still plenty employment opportunities in regional centres. With some changes to economy we may see reverse of it with more people coming back to families or simply to seek employment opportunities in “big smog”. It is part of the cycle and that itself can put additional pressures on housing in big Australian cities without massive emigration from overseas.