Via the AFR today:
Immigrants are underpinning Australia’s largest house and land market, with more than 65 per cent of second-quarter greenfield land sales in Melbourne to buyers born outside Australia, figures from consultancy Oliver Hume show.
…”Any cut to immigration would have a negative momentum in the market,” he said. “But the quantum of cut is important. But particularly given we’ve seen a lot of older buyers and second-home buyers that would suggest the demand is quite resilient,” Mr Bougias said.
