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University Living, a renowned global platform for student accommodation, recently published its latest report that analyses the Australian Student Housing Market. The report sheds light on the surging demand for education in Australia, leading to a scarcity of affordable student housing. In preparing this report, the company identified and mapped 60,000 on-campus beds and 90,000 purpose-built student accommodation (PBSA) beds.
The report was developed in partnership with RAYSolute Consultants, a Bengaluru-based consulting firm. The report offers a comprehensive analysis of Australia's student housing sector, encompassing various aspects such as demand dynamics, supply considerations, identified gaps, investment opportunities, future prospects, and effective strategies to address the existing challenges.
According to the report, the Australian student housing market has experienced substantial growth in recent times, reaching an estimated value of AUD 10 billion with an impressive Compound Annual Growth Rate (CAGR) of 17%. On-campus accommodation accounts for 10% of the market, while the remaining 90% is comprised of off-campus housing options.
Based on the report's estimates, Australia has over 60,000 beds spread across 42 universities, including university and corporate-managed accommodations. Additionally, key players in purpose-built student accommodation (PBSA), along with some smaller regional players, are believed to manage around 90,000 beds. Among PBSA beds, approximately 26% are occupied by domestic students, while the remaining are taken up by international students.
In addition to PBSA, students also have the choice of Private Rentals and Homestays, which constitute an unorganized market. The number of beds in private apartments is estimated to be around 360,000, and homestays are believed to offer around 100,000 beds. The total enrolment in Australian universities, including both domestic and international students, is estimated to be around 1,550,000 students. However, the rising rental costs by 10-20% in major cities indicate a significant need for more affordable housing options.
As of March 2023, the number of international students studying in Australia reached 613,217, indicating a remarkable 27% increase compared to the same period last year. Due to the increasing number of international students opting for Australia as their favoured study destination, there is a critical demand for affordable and top-notch student housing.
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