Australian Education Minister, Jason Clare, stated to The Guardian that he is working with the Universities and Home Affairs Minister to address the ‘short term logistical issues’ that could stem from the Chinese government’s decision.
“This creates challenges with getting on flights, getting visas, getting accommodation, but… we’re putting in place all the measures that we can to assist with visa processing,” Mr Clare said.
Associate Director from Realmark Urban Property Management, Emma Thorpe, said this decision by the Chinese government could create an even further strain on Australia's already tight rental market.
"We will see a huge influx of approximately 40,000 Chinese students immigrating back to Australia, resulting in a further huge boost in demand for rental accommodation," Ms Thorpe said.
REIWA CEO, Cath Hart revealed in a REIWA press release that rental availability has plummeted to record lows since peaking a couple years ago.
"Over the past two years we’ve seen delays in new home completions and investors selling out of Perth’s established homes market in significant numbers, with bonds data showing more than 18,000 fewer rentals available now since the peak in January 2021,” Ms Hart said.
“This, coupled with strong demand, is what has contributed to the current shortage of rental properties.”
So what does this mean for the WA housing market?
REIWA recently announced that WA’s vacancy rate has fallen to its lowest level in 42 years, falling to 0.6% in December 2023 which means there are less than 2000 properties for lease across the state.
Supporting REIWA's data, Ms Thorpe said Western Australia has not avoided this growing rental property demand.
“We really need more property investors feeding this demand as there are 2,000 – 2,500 students arriving to WA in the next two weeks. Typically, international students prefer properties that are furnished and equipped, located close to public transport, and are often supported financially by their families meaning the risk is minimised and returns are always maximised.” Ms Thorpe said.
“With affordable property prices, healthy yields on offer, a growing population and a huge demand for more rental stock, we hope that investors look to invest in WA as it’s a perfect time to enter the market.
“Here at Realmark Urban, our Property Management team regularly helps local and over east investors throughout their investment journey, from recommending great investments to managing your property for maximum return,” she said.
If you’re looking to invest in WA and would like to speak to our property expert Emma Thorpe, contact her on 0413 708 114 or ethorpe@realmark.com.au.