Understanding future migration. Where the next property BOOM💥could be
In order to know where the next property boom might be, we need to first understand migration and how it might look in the near future.
Migration causes demand for accommodation which may, in turn, cause a boom in that particular property market. Given that there hasn’t been any pre-emptive effort to increase the supply of housing prior to a migration, demand will outweigh the supply, resulting in a temporary boom in that area. If you can accurately predict when and where a migration is going to occur, you could potentially predict where the next boom will take place.
Astute property investors pay very close attention to where migrants are moving and where new jobs are being created. Often you’ll find various cultural groups will seek to live in the same area when arriving in the country. For example, if you or I moved to China, we would probably seek out other Australians as fast as possible and try to live nearby. Being surrounded by fellow migrants who understand us will help make the transition a lot better and easier too. As such, we see the trend when a particular cultural group moves into an area and new arriving migrants will later follow. These trends are closely monitored by dedicated research companies in Australia.
We always keep tabs on these trends and help our clients invest in properties in those areas!
Stay tuned for more insights from Wealth Through Property.