A new class of student housing in Australia’s top university cities
Singaporeans are choosing to study abroad in ever increasing numbers, and Australia is a favoured destination among students and their kiasu parents alike. According to The Times “Top 100 Universities in the World” report, Australia saw an 11% increase in the number of international students in 2018 to almost 700,000, of whom 30,000 hail from Singapore.
It’s little wonder, with the same study ranking six Australian universities among the top 100 institutions in the world. But it’s equally a result of the country’s unique combination of lifestyle, stability and proximity to Asia.
Add to that a coveted property market which, despite decades of growth, still looks very reasonable in comparison to prices in major Asian cities.
Capitalising on these trends, leading Australian developer Crown Group is redefining the student accommodation landscape.
New developments in Australia’s university cities
Boulevard caught up with Crown Group Chairman and CEO Iwan Sunito about his line-up of premium projects close to Australian university campuses.
Crown Group is creating six stunning apartment developments in three of the world’s most popular university cities, providing a drawcard for international students seeking great homes while they study.Iwan Sunito, Crown Group Chairman & CEO
Three projects – Infinity, Waterfall and Mastery – in the inner South Sydney area of Waterloo, offer fantastic proximity to Sydney University (ranked 61st) and The University of New South Wales (80th). Infinity and Waterfall are nearing completion, and all three feature stylish new studios, one-, two- and three-bedroom apartments, available for sale or for rent.
A third project, Arc, in Sydney’s CBD, is the flagship luxury development by Crown Group, a stunning mixed-use building designed by Koichi Takada that offers just 12 apartments (along with the breathtaking rooftop, below).
“In addition to these developments, this year we will launch our first residential project in Melbourne, Australia’s most renowned student city, with 152 apartments in the heart of Southbank and its famous arts precinct. It’s close to Australia’s top university, University of Melbourne, which is number 32 in the world ranking, and not far from Monash University at 80th place,” says Sunito.
“Later this year we will also launch our first development in Brisbane, with a tropical garden-style design on the waterfront at West End. It is only a few minutes’ drive from The University of Queensland, the 65th best university in the world, and in a very appealing, developing precinct only 4km from the city centre.”
The Australian property market
These new builds by Crown Group are ideally suited for student accommodation, offering not just a range of sizes and price points, but also the flexibility to let individual rooms to flatmates in the buoyant local rental markets.
“At Crown Group, foreign buyers tend to look for one and two-bedroom apartments for their children, which range from A$800k to $1.5m, and sometimes two or three-bedroom apartments, from $1.2m to $2m.”
While some families choose to relocate with their children during the late school and university years, others seek to rent out some of the rooms.
“Crown group has a dedicated property management division, called Crown Property Agency. It provides owners and tenants with a streamlined choice for full property management services, from processing leases to qualifying prospective tenants, collecting rents, as well as property inspections and advertising,” says Sunito.
“Generally, rental yields with Crown Property Agents are around 3.5%. Sydney has a very healthy share-housing market, with sites such as Flatmatefinders.com.au very popular with students and young professionals. Yields can be increased by renting out rooms for $250 to $450 each.”
And the longer-term outlook is equally positive: “Properties that are very well located and with high-quality design, construction, fixtures and finishes will enjoy good resale value,” says Sunito.
“Foreign buyers are charged an additional 8% stamp duty under Foreign Investment Review Board laws,” notes Sunito. “This is in addition to the usual 4% stamp duty charged on residential property purchases. Buyers will need a visa to live in Australia in order to buy established homes, whereas newly built homes are able to be purchased by any foreign buyer.”
Go further with Crown Group: crowngroup.com.au