Skilled Migration Fuels Rental Crisis

It points to Australian Bureau of Statistics data showing that almost 40,000 people moved to Victoria from overseas in the year to Sep-tember 2006.

"Research indicates that 95 per cent of migrants who arrive in Vic-toria settle in Melbourne," says Oliver Hume Property Investments general manager Adam Renouf.

Mr Renouf says that around 40 per cent of overseas migrants buy a property within the first six months of coming to Melbourne, meaning the rest look for rented accommodation.

Hocking Stuart Albert Park’s business development manager Naomi McRae agrees.

"In many expatriate cases, rent is paid or at least subsidised by an employer for a period, and that opens up overseas migrants to more of the high-end stuff," Ms McRae says.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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