According to The Australian Financial Review, student accommodation booking site Student.com has ramped up its Australian operations after traffic data showed the most searched study destinations worldwide were Sydney and Melbourne.
The UK-based business - the "booking.com" of student accommodation - has hired a new growth and partnerships expert, Bede Moore to manage the Australian market, which is tipped to be the global student accommodation industry's rising star.
Student.com's Australian revenue has doubled in the past 12 months. In total, the company said it turned over $US110 million in gross bookings last year.
"Australia has the biggest growth in student accommodation anywhere in the world – it's an undersupplied market with huge demand," founder and entrepreneur Luke Nolan said.
"In all major Australian metropolitan locations there is currently less than one bedroom of purpose-built student accommodation for every 10 students. All of the major Australian cities have less provision than more established markets."
The Australian student accommodation market continues to lag the rest of the world, which has undergone rapid expansion in the past 24 months to notch up $US14.9 billion in investments.
While transactional activity is still slow in Australia where development sites are held for housing development, several accommodation providers, including Iglu, Urbanest and Scape Living have made a good headstart in the sector.
Student.com lists their rooms online and students book them using the language of their choice. It also lists serviced apartments from independent providers.
The service is free to students but a booking fee is paid by the accommodation provider.
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