Rents have crashed in Australia’s urban centres as international students are locked out of the country – good news for those wanting to move closer to major cities.

Just 80 foreigners arrived in Australia to study during September because of the coronavirus border closure.

This represented a 99.8 per cent plunge from the 45,220 international students who arrived during the same month in 2019, the Australian Bureau of Statistics revealed on Thursday.

Border closures since March have caused vacancy rates to surge in central business district and inner suburbs of Sydney and Melbourne.

Georg Chmiel, the executive chairman of Chinese real estate sales site Juwai IQI, said the virtual end of international student arrivals, for now, was bad news for property investors.

Source: The Daily Mail