Iranian Property Boom Hits Sydney: Migrants Snap Up Homes in Record Numbers, Leaving Aussies Stunned
- Iranians are buying up homes in Sydney’s northwest growth corridor at an unprecedented rate, with 90% of buyers in one project hailing from the Middle Eastern nation.
- The surge in Iranian buyers is driven by a desire for fixed-price contracts and a strong sense of community, with many families attracted to the area’s planned town centre and childcare facilities.
- The influx of Iranian migrants comes as Australia’s net overseas migration reaches a record high, with experts warning of pressure on housing supply and infrastructure.
A dramatic shift in the Sydney property market is underway, with Iranians emerging as a major force in the city’s northwest growth corridor. Real estate agents have reported a surge in Iranian buyers, with one project in Box Hill seeing 90% of its 50 house-and-land packages snapped up by migrants from the Middle Eastern nation.
The Box Hill project’s popularity among Iranian buyers can be attributed to its fixed-price contracts, which cover both land and construction, requiring only a 5% deposit, with no balance payable until the home is built. The project’s proximity to a planned town centre and large childcare facility has also proven a major drawcard for family buyers.
In a stark warning, Dr. Kevin You, senior fellow at the Institute of Public Affairs, said the scale of migration from all countries was unsustainable and put pressure on housing supply and infrastructure. “This is uncontrolled mass migration on steroids,” Dr. You declared.
Supporters of high migration argue that many new arrivals are contributing to housing supply by purchasing newly built homes rather than competing in the established market. However, critics argue that the government has failed to adequately plan for housing demand, leading to concerns about the impact on Aussie homeowners.
The ABS has not released figures on migration flows from Iran into Australia since 2023, when it was revealed 85,830 Iranian-born people were living in Australia. Since then, Iran has featured regularly in the top three countries of Australian Humanitarian visas granted, with over 1,600 granted in 2023-24, according to federal government figures.