International students are slowly returning to Australia, and in some positive property news, it’s guaranteed to boost the local economy. In December 2021, the federal government reopened borders to eligible visa holders after two years of border closures forced by the covid pandemic. In addition, a number of further initiatives have been put in place to encourage the return. These include refunds of visa application fees, caps removed on number of hours that can be worked and extensions on how long they can stay following completion of their studies.
More than 100,000 international students have arrived!
According to provisional estimates by the Australian Bureau of Statistics, more than 100,000 international students have arrived in the country. Whilst nowhere near the levels of pre-lockdown, the healthy figure points to a recovery of the sector which, prior to covid, supported 240,000 jobs and delivered more than $40 billion to the economy. The Department of Education estimates that 27% of all student visa holders are still yet to return to Australia.
Here in Newcastle, Susan Saetta, Head of Property Management at Walkom Real Estate, has already noticed the number of international students increasing. “It’s so good for Newcastle and the suburbs surrounding the Newcastle and Callaghan campuses,” said Susan. “This week alone our team has rented properties to four different groups of international students. There isn’t enough purpose-built student accommodation in Newcastle, so there is a flow on benefit to the private sector investment property owners.”
UON ranked in top 200 universities globally
The University of Newcastle (UON) is ranked within the top 200 universities globally and is an attractive proposition for international students. Property Council NSW Executive Director Luke Achterstraat believes that the sector plays a vital role in the recovery of jobs, property and prosperity following the pandemic. “As the state bounces back after a lengthy COVID-19 lockdown the international education sector will help reactivate our metro and regional CBDs right across NSW,” Mr Achterstraat said.
According to the Property Management team at Walkom Real Estate there are a number of significant benefits in accommodating international students:
- International students tend to be reliable tenants as they typically have their accommodation costs covered by student loans and/or parents.
- Often, they are studying under a scholarship provided by their home country.
- They will maintain the tenancy when returning home for semester breaks providing landlords with zero vacancy.
- They contribute to the local economy by using the services, commercial and food outlets.
- They fill casual employment positions in the workforce particularly in the currently struggling hospitality area.
- And they add cultural diversity and provide the opportunity for greater understanding within the local community.
They work hard, study hard and make ideal tenants
“Many people think that students don’t make great tenants,” said Susan. “But in my experience, this is no longer the case. Today’s students are less likely to behave badly or to be difficult tenants. International students in particular, come here to Australia with high expectations of academic achievement and post-graduation career success. They work hard and they study hard and, in many instances, make ideal tenants.”
International students add to the liveability of the city of Newcastle, bringing a culturally diverse and energetic vibe, more staff and more custom for our local businesses and more tenants for our rental properties.
If you have a property to lease, contact the local experts, our Property Management team.