Author: CLAUDIA POPOSKI FOR DAILY MAIL AUSTRALIA
Ethnic hot spots are shifting as migrants from other countries buy real estate in the same area.
Migrants tend to gravitate towards areas that reflect the lifestyle that they want and what time they are at in life, according to experts.
Many American and European home-buyers look for beach and harbour destinations while Asian buyers gravitate towards suburbs with education and public transport.
Retirees look for spots with great weather and parents look for areas with excellent schools.
Around 36,599 Indian-born residents live in Parramatta, according to The Saturday Telegraph, which is the largest ethnic cluster in Sydney.
Manly is the most popular destination for home buyers from European destinations like Germany, Sweden, the Netherlands and France.
It’s also a hot spot for Canadians, Japanese, New Zealand and Brazilian migrants.
Manly is also the home of 7,700 UK-born residents.
In another beach side location, Austrians settled in Brighton-Le-Sands.
Chatswood has a Chinese population of 5,500 while 1,200 Filipinos live in Sutherland and 322 Nepalese call Westmead home.
There has also been a spike of Turkish interest in Strathfield, however the three largest ethnic groups in Strathfield remain to be Chinese, Nepalese and Indian, according to a Burwood Council community profile.
Realestate.com.au chief economist Nerida Conisbee told the publication that: ‘It spreads through word of mouth. People settle into an area because it has something they like.
‘When more people from their country arrive they’re drawn to the same areas because they feel comfortable around people they feel are like them.’
According to Domain in the three months leading up to March this year foreign buyers were projected to make up 18.1 per cent of residential sales in New South Wales.
This is down 23.6 per cent from the same time in 2017.
This is due to recent policy changes which sees foreign investors charged eight per cent of the home’s selling price in stamp duty.
ANZ senior economist Daniel Gradwell told the publication that while there was a decrease: ‘It’s not like they’re falling off a cliff – there’s definitely still demand out there from foreign buyers and, equally, still demand to lend to them from within Australia.’