Newcastle students keen to upgrade, says agent

Students in Newcastle are ditching the dodgy sharehouses and putting forward more cash for contemporary homes, claims one agent marketing a townhouse development close to the University of Newcastle.

Mark Kentwell, managing director of PRDnationwide Newcastle and Lake Macquarie, said students are willing to pay for more comfortable accommodation - with the help of their parents.

"Many student houses are older-style homes which have had verandahs and dining rooms converted into extra bedrooms,” said Kentwell.

“Students are now seeking out more comfortable, clean and modern living quarters with built in wardrobes and space to study in their rooms.

“Often students have some form of financial assistance from their parents who generally prefer to see them in better properties.”
Kentwell claims that the increase in students from Sydney and overseas attending the University of Newcastle, is driving the demand for higher quality student accommodation.

The University of Newcastle ranks highly among Australia's newer universities, with Times Higher Education naming the it the world's 28th best university under 50 years old.

According to Kentwell, developers are rethinking the student housing market as the University of Newcastle grows.

“They’ve recognised that students are a key driver of housing demand and price growth in the area,” he said.

“As this growth continues it will put pressure on existing student-friendly housing.

“Savvy developers have seen this and they are rolling out product to meet this burgeoning, yet discerning, market.”

PRDnationwide is marketing Shortland Terrace at Shortland, which is yet to launch. Kentwell said the eight townhouses, located 500 metres from the University of Newcastle's main campus, will be marketed to investors.