‘Double wave’ of students to boost unit market

The first one-bed unit project in St Lucia in five years hits the market, as overseas student numbers are tipped to boom.

Vistas, the first one-bed unit project to be built in St Lucia in five years, hits the market as a wave of overseas student demand is tipped to peak next year.

The first one-bed apartments to hit up-market St Lucia in five years have been launched ahead of a predicted “double wave’’ of overseas students next year.

Developer Barber Property Group (BPG) said if Australia’s borders opened up next year, as expected, a surge in overseas students looking for one-bed units should lift demand in the inner-west.

Rental occupancy rates and prices have taken a battering since lockdown, particularly after the ban on Chinese nationals entering the country.

Despite the Chinese Government recently urging its citizens to boycott Australia, some westside real estate agents are tipping a surge in demand next year as first-time and returning students — who had to abandon their studies this year — enrol at the University of Queensland.

BPG managing director, Paul Barber, said the company was anticipating strong demand from a wave of returning international students.

Interior of a unit at Vistas, the first one-bed unit project to be built in St Lucia in five years.

“Next year is set to see the return of international students, particularly a double intake of new

students, and this will place demand on housing supply,” Mr Barber said.

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“We’re noticing a resurgence in demand for one-bedroom apartments, with a mix of downsizers and young professionals, as well as demand continuing for two and three-bedroom properties.

“The numbers stack up very well for investors looking to capitalise on demand in St Lucia’s unique market.’’

The 32-unit complex, to be completed by December, includes nine one-bedroom apartments, 14 two-bed apartments and nine three-bed apartments.

BPG’s last major project in the suburb, Eton Apartments, saw all units snapped up before completion. Investor properties are now delivering a 7 per cent return.

Mr Barber said Vistas St Lucia was the company’s fourth development in the suburb since 2014.

It was designed by CG Design Studio and Raymond Barber Architects to meet the needs of wealthier overseas students, young professionals and empty nesters.

Details: https://vistasstlucia.com.au/