It looks like rents, particularly in the inner suburbs of Sydney and Melbourne, may fall as the number of international students is diminishing with fewer migrants expected to call Australia home.
In Melbourne’s CBD, which is dependent a great deal on the influx of international students, advertised rents are down by more than 22% since March. In neighbouring Southbank they have dropped by more than 13%.
At Sydney’s Darlinghurst rents are down by a quarter, and fallen by 15% in The Rocks and across Haymarket.
About 60% of the nation’s population growth over the past decade has been driven by net overseas migration, which totals 2.7 million residents. International students account for about 50% net overseas migration.
But with the pandemic resulting in closure of the border, as well as concern globally among people moving between nations, the number of international students flying in is likely to see a sharp decrease.
According to federal government’s National Housing Finance and Investment Corporation forecasts, the demand for housing could be cut by between 129,000 and 232,000 dwellings over the next three years.
The report also suggests that there is likely to be 214,000 fewer people in the country than if the coronavirus had not occurred, between 2019 and 2021. This would make it the biggest slowdown in population growth since 1916 and 1917 when hundreds of thousands of Australians were overseas involved in World War I.
Australia’s second wave of infections is likely to further slow population growth, hindering the pace of recovery in underlying housing demand, say experts.
Follow The Indian Sun on Twitter | Instagram | Facebook
Support Independent Community Journalism
Dear Reader,The Indian Sun exists for one reason: to tell stories that might otherwise go unheard.
We report on local councils, state politics, small businesses and cultural festivals. We focus on the Indian diaspora and the wider multicultural community with care, balance and accountability. We publish in print and online, send regular newsletters and produce video content. We also run media training programs to help community organisations share their own stories.
We operate independently.
Community journalism does not have the backing of large media corporations. Advertising revenue fluctuates. Platform algorithms change. Costs continue to rise. Yet the need for credible, grounded reporting in a multicultural Australia has never been greater.
When you support The Indian Sun, you support:
• Independent reporting on issues affecting migrant communities
• Coverage of local and state decisions that shape daily life
• A platform for small businesses and community groups
• Media training that builds skills within the community
• Journalism accountable to readers
We cannot cover everything, but we work to cover what matters.
If you value thoughtful reporting that reflects Australia’s diversity, we invite you to contribute. Every donation helps us maintain the quality and consistency of our work.
Please consider making a contribution today.
Thank you for your support.
The Indian Sun Team
