WITH immigration into Australia being rebooted and gathering pace, some regions are seeing a new wave of demand for rental properties, according to Pete Wargent, the co-founder of Australia’s first national network for buyer’s agents, BuyersBuyers.

Mr Wargent said, “The Budget papers mapped up a return to net overseas migration of 180,000 for 2022-3, and 213,000 for financial year 2023-4, representing a strong rebound after two years of restrictions and border closures.”

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Port Stephens is already experiencing a shortage in rental stocks, and Mr Wargent said the next few years could be characterised by a chronic shortage of rental stock in some areas.

Mr Wargent said, “We’re already seeing extremely tight rental markets in some cities, after years of restrictions on investor and interest-only lending, while foreign landlords have also largely been shut out of the market.

“Rents will probably rise by ten to twenty percent in many parts of the country this year, given the intense competition in evidence for quality rental stock,” Mr Wargent said.

BuyersBuyers CEO Doron Peleg said a potential change of government would do little to impact the outlook for immigration.

Mr Peleg said, “Australia has over 400,000 job vacancies and needs to refresh the supply of skilled workers urgently, so even assuming a change in government we expect population growth to be strong over the next few years, with the total headcount likely to increase by around one million over the course of three years.

“The leader of the opposition has already hinted at the potential for permanent residency for some foreign workers under a Labor Government, which could grow the population significantly, suggesting that both sides of politics will adopt similarly pro-immigration policies in this election year.

“There will be some issues pulling in the opposite direction, such as Australia’s high cost of living.

“But generally Australia is seen to be a clean, safe, and popular destination, and the immigration programme should be comfortably filled given the strengthening labour market and falling unemployment rate,” Mr Peleg said.

Meryl Swanson, Member For Paterson, told News Of The Area, “The re-opening of our borders presents an opportunity to overhaul our migration system and reduce reliance on temporary workers to fill skills shortages.

“The economic model that relies on a stream of low-paid workers is not good for those workers, not good for the economy and not good for Australians.

“We’ll have more to say about migration policy during the election campaign.

“Short-term visas have a role to play but have been too often used by businesses to avoid paying local workers a decent wage and invest in training.

“We want a system that favours permanent over temporary visas, that has more paths to permanency, that allows people to come here, settle, start businesses, build communities, and raise families.

“Labor has policies to help more people in the regions buy their first home and to build 30,000 social and affordable housing properties.

“If Labor is elected, these policies will help alleviate housing stress.”

Liberal candidate for Paterson, Brooke Vitnell, told News Of The Area, “Labor has argued countless times for a big new housing tax, the effects of which will increase rents particularly for young people.

“More supply to meet demand will help to make housing more affordable and the Liberal National Government has assisted first home buyers achieve their dream of home ownership by supporting thousands more Australians to buy their own home sooner as part of our plan for a stronger future, by more than doubling its successful Home Guarantee Scheme in the 2022-23 Budget.

“To date, over 60,000 Australians have begun their proud journey of homeownership.

“There will now be 50,000 places in the scheme each year.

“This includes a new Regional Home Guarantee of 10,000 places open to non-first home buyers, enabling even more Australians to achieve their aspirations of owning a home.”

By Marian SAMPSON