No slowing student accommodation stampede

A Chinese developer has snapped up a property in Melbourne’s east located within walking distance of one of Australia’s fastest growing universities.

The 2122sqm site at 254-258 Burwood Highway fetched $6.5 million – a rate of $3,063 per square metre – as it became the latest site to be earmarked for student accommodation as demand for student beds continues to swell.

Situated across the road from the Deakin University campus in Burwood, the property is perfectly located to be repositioned as a student facility.

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Savills Australia brokers Benson Zhou, Julian Heatherich and Jesse Radisich say the prime location as well as proximity to the university prompted strong interest among potential buyers.

“We received more than 150 enquiries,” Zhou says.

“Student accommodation developers are positive on the future expansion opportunities for Deakin and surrounding elite schools, such as the Presbyterian Ladies’ College.”

Melbourne’s eastern suburbs continue to be a hotspot, according to Zhou, with developers “looking for owner-occupier projects with larger internal spaces located close to quality amenities”.

Deakin University is one of the fastest growing educational facilities in Australia, with the boom at the Burwood campus predicted to continue until at least 2020.