Students blamed for devaluing inner-city property prices

 By Roje Adaimy

An Australian real estate website has put the blame on students for decreasing the price of neighbouring properties, based on a recent online survey.
The website, realestate.com.au, said that students living next door ‘are bad for your wealth’ and could devalue nearby properties by up to 10%, or up to $50,000.
‘Students are notorious for having a good time and living in messy conditions, but our results show that a greater concern among householders regarding the detrimental effects different types of neighbours can have on the price of their property,’ the website’s general manager, Shaun Di Gregorio, said.
But president of the National Union of Students, Angus McFarland, believes the living habits of students cannot be singled out or held responsible for the devaluation of a property.
‘Poor rent assistance, income support and rent hikes are to blame for the state of student housing,’ Mr McFarland said. ‘Limited income prevents students from being able to afford to pay for repairs or comfortable interior and exterior furnishings – often leading to overcrowded student share houses.’
The City of Sydney houses some of the state’s biggest tertiary institutions, including the University of Technology, Sydney, and the University of Sydney. Reflecting the City’s growing student population, almost half of its residents live in non-family households, including shared group accommodation.
“Students will always live around the major Universities for convenience,’ Mr McFarland said. ‘So if you don’t like students, don’t look for houses in Glebe or Newtown. Students form the fabric of those suburbs and this is unlikely to change anytime soon.
‘If you want inner city life – lot’s of cafes, bars and late night entertainment – you can’t have it without Uni students,’ Mr McFarland said. ‘Uni students provide the cheap employment for these services and are also a major user of these services.”