Advisers have cheered the creation of a $15 million fast track to permanent residency for wealthy foreigners, in a move by the Abbott government to harness Asia's wealth to boost economic growth and job creation.

But the move has also sparked concerns much of this investment will flow into Australian property, driving prices up even further.

The new visa program is likely to boost investment, but much of this could go into property, adding to the heat in the nation's housing market. Credit:Glen McCurtayne

The new premium investor visa program puts Australia on the front foot in the competition for rich investors looking to safeguard their wealth in stable offshore markets, advisers said.

"Australia competes with many countries for high net wealth migrants, making it an attractive prospect is in the national interest," migration lawyer Alan Rigas said.