Australian universities are financially reliant on full-fee paying international students.
COVID-19 has crippled many industries, but the university sector has been amongst the hardest hit, with Universities Australia predicting losses of $16 billion across our tertiary institutions over the next three years – a dire scenario.
The knock-on effects for the rental markets near these campus has already been seen, with figures from REA Group showing that suburbs with large numbers of rental properties earmarked for students studying nearby have seen large increases in empty properties.
The areas with the largest increase in available properties listed are Parramatta, NSW (2150); Docklands, VIC (3008); Wolli Creek, NSW (2205); Toowong, QLD (4066); and Richmond, VIC (3121).
With no sign of international students returning anytime soon, and the end of the rent and mortgage relief measures looming, property owners in these areas is no doubt getting a lot hot under the collar.
