ECONOMIC VALUE CONTINUES DOUBLE-DIGIT GROWTH IN AUSTRALIA
The value of international education to Australia’s economy is on an impressive upward trajectory, surpassing record levels to reach $32.2bn in 2017. With international students being drawn to the country due to its world-class education, global alumni networks, and exceptional student experience, Australia is well on its way to becoming a powerhouse in international education.
The latest data comes from the Department of Education and Training, which references export credits jumping 22.6% from 2016 – the largest single jump since 2008. Furthermore, international student enrolments in the first two months of the year are up 12%, with 542,054 students being enrolled in Australian onshore courses.
The foreign student population provide a strong customer group for purpose-built student accommodation (PBSA) and this very positive metric underpins part of the strength of the Australian PBSA investment market.
GSA Group continues to see the positive impact of this unprecedented student enrolment growth, and the continued strong performance of higher education institutions. Our investments currently comprise 2,218 beds across five assets, the first of which (University Square, Melbourne) opens its doors to new students in July 2018. Combine this with having some of the most desirable and liveable cities in the world, and Australia places itself right at the heart of our growth plans for years to come.
Australia is maintaining its reputation of having some of the best academic institutions globally, which will continue to drive a high demand for well-maintained PBSA from both local and international students.