How will reopening our borders impact the property industry?

In response to the global pandemic, Australia closed its borders to international visitors and migrants in 2020. As a result, the property industry witnessed weaker rental demand caused by the slower population growth. 

Recently, the Property Council of Australia has welcomed the National Cabinet’s decision to task the Australian Health Protection Principal Committee (AHPPC) with providing guidance on the future of international border quarantine agreements. The decision - while still in relatively early stages - is expected to positively impact the property industry. 

The AHPPC has been requested to provide specific health advice regarding the implications for quarantine arrangements and the reopening of Australia’s borders - following the successful vaccine rollout of Phase 1A and 1B. This marks an important first step towards safely reopening our borders to international visitors and migrants and in turn, seeing an increase in rental demand across the nation. 

Property Council Chief Executive, Ken Morrison speaks of safely reopening; “the safe reopening of international borders is one of the biggest decisions facing Australia and this review is an important step in enabling this to happen. Australia needs greater clarity and consistency not just around our domestic restrictions but also around the implications of the vaccine rollout on our international quarantine arrangement.”

Ken continues, “population growth is a critical ingredient to Australia’s economic success. If the resumption of normal border arrangements cannot occur until some time in 2022, the National Cabinet should take concrete steps to increase our quarantine capacity now. Australia can stay safe and accelerate economic recovery by ramping up our quarantine arrangements to enable ten times the current capacity.” 

For more market insights, lifestyle and news - click here. 

Source: Property Council of Australia