Higher Education in Australia goes up by 15% in 2023 as compared to 2022
A Student Housing Market Report by University Living
University Living, a leading global student accommodation marketplace has released a report “Beyond Beds: Decoding Australia’s Student Housing Market” highlighting the increasing demand for education in Australia and the resulting shortage of affordable student accommodation. Amidst the rapid expansion of international higher education the numbers available for March, 2023 reveal 613,217 International students studying in Australia. The number of students enrolled in higher education in Australia has increased by around 15% in 2023 and overall in the last five years it has gone up by 20%.
Further, the number of international students enrolled in Australian higher education are likely to witness an increase of around 30%. International students now account for around 33% of all students enrolled in Australian higher education. The top five source countries for international students in Australia are China, India, Nepal, Colombia and Vietnam. It is estimated that International students will contribute over AUD 30bn to the Australian economy this year.
Amidst a rising influx of international students to Australia, the demand for affordable,high quality student housing has intensified. This is driven by surging rental prices, rising living costs, low awareness among foreign students, supply and construction limitations and inadequate on-campus options. To secure preferred accommodations, prospective students are urged to prioritize early booking and planning in advance. Maintaining a flexible budget is advisable for students, and in this endeavor, University Living stands ready to provide optimal assistance in locating suitable accommodations.
The report also reveals that Australia’s student housing market has witnessed significant growth in recent years and is estimated to be worth AUD 10 billion, with a CAGR of 17%. The market is divided into on-campus and off-campus accommodation, with on-campus accounting for around 10% and off-campus comprising the remaining 90% of the total market size.
The report suggests that Australia’s student housing landscape encompasses 60,000 beds spread across 42 universities, with both university and corporate-managed lodgings. Notably, prominent PBSA (Purpose-Built Student Accommodation) entities, alongside smaller regional players, oversee about 90,000 beds. Among these PBSA beds, 26% accommodate domestic students, while the majority serves international students. In addition, private apartment beds total approximately 360,000, and homestays contribute around 100,000 beds. The combined university enrollment, covering both domestic and international students, stands at roughly 1,550,000. However, the rising rental costs in major cities, surging by 10-20% within a year, underscore a pressing need for more affordable housing alternatives.
Saurabh Arora, Founder & CEO of University Living said, ” With the release of the report, our goal is to provide valuable insights into the dynamics of Australia’s student housing market. This report not only highlights the challenges faced by students and housing providers but also presents actionable strategies and recommendations to enhance student living conditions and transform the student housing landscape. By implementing these strategies, we can significantly improve living conditions for students, optimize resource utilization, and foster sustainable growth in the sector. We urge policy-makers, educational institutions, housing providers, and other stakeholders to consider these strategies in their future plans.”
The report, “Beyond Beds: Decoding the Dynamics of Australia’s Student Housing Market,” caters to universities, policymakers, investors, and stakeholders in the education and housing sectors. It offers a comprehensive analysis of the student housing sector in Australia, covering demand dynamics, supply considerations, identified gaps, investment opportunities, future prospects, and strategies to surmount current challenges.
For more information or to access the full report, please visit – https://www.universityliving.com/blog/news/australia-student-housing-report/
