ANZ CEO said immigration boom will further boost rising house prices

Australia’s massive green energy transition and immigration boom will further boost rising house prices, ANZ chief executive Shayne Elliott has predicted, after unveiling a record $7.4bn cash profit.

“Immigration is a really big driver of housing demand and from our perspectives, from one of the largest providers of home loans in the market, it’s a material driver,” Mr Elliott told The Australian. Mr Elliott said Australia was attracting a “really high-quality migrant”, many of whom had considerable wealth. Mr Elliott said ANZ had the confidence it could continue lending into the home market, knowing that prices would be supported in the years ahead. “This should underpin house prices, which coupled with strong employment conditions mean we’re confident that we can cautiously grow home lending in a low-risk way while maintaining decent returns,” Mr Elliott said.