Demand for accommodation from the 50,000 Chinese students or more set to return to Australian university campuses in the next four weeks could fuel at least a 5 per cent jump in rents across inner Melbourne and Sydney.
Demand for accommodation from the 50,000 Chinese students or more likely to return to Australian university campuses within weeks could fuel at least a 5 per cent jump in rents across inner Melbourne and Sydney and worsen rental shortages, experts say.that its students return to campuses for face-to-face teaching, will supercharge the recovery of the student accommodation market and spill over into private rental markets.
He has spent the past two years studying online and is looking forward to spending more time on campus.The Australian Financial ReviewAn emergency meeting was called for Monday afternoon between university representatives and officials from the Home Affairs and Education departments. Catriona Jackson, chief executive of Universities Australia, said improved bilateral relations between China and Australia meant communication lines were open and that Chinese officials appeared willing to compromise their initial hard stance.
However, universities might struggle to absorb 50,000 or more students with most not expecting to return to full face-to-face teaching until mid-year.The increased demand by Chinese students could put further pressure on the already-tight inner city rental markets, particularly in Sydney and Melbourne, said Louis Christopher, SQM Research managing director.
“This is a significant development for the rental market, which means vacancy rates will probably fall to record lows again and push rents higher particularly in the city areas of Sydney and Melbourne.”rates in Sydney rose to 3.6 per cent in December from 3.2 per cent and in Melbourne, rates rose to 3.3 per cent from 2.5 per cent, but this should quickly turn over in February when rental demand surges amid low supply, Mr Christopher said.
“We’re also seeing fewer available rentals, probably because some landlords that were badly hit during COVID have sold their investment properties, and potential investors are staying away due to higher interest rates.
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