The low value of the Australian dollar has seen a huge influx of foreign students to the country and now developers are taking advantage of this expanded market.
According to the Wall Street Journal, student housing is the latest hot property market in the country and developers from Dubai, China and South Africa are all spending large amounts of money on land.
Similarly, investors from the same places are also buying up high-rise blocks of apartments and are redeveloping them, to make them suitable for the student market.
Australia is attracting students in a record-breaking amount, which is due to the economy focusing on improving areas like education, after the end of the mining boom.
Figures from Savills World Research have shown that student housing in this Australasia offers yields of seven per cent, which is 2.25 per cent higher than the yield in America and two per cent higher than in the UK.
For those who aren't aware, property yields are the amount that is left after dividing annual rental income on a property by its original cost of purchase.
Having spent so much time on education, it's now Australia's third-largest export after its iron ore and coal industries. It generates $18 billion (£9.5 billion) annually.
Property developer GSA is buying several areas including Campus Estates, which is to be a 350-bed student apartment in inner-city Melbourne for $21 million.
By buying this property, GSA is in the early stages of heading towards hitting a target of 25,000 student beds in Australia.
Simon Loveridge, GSA's Asia Pacific managing director, said: "Only one in ten students that study in Australia have purpose-built housing. We see it being the next emerging student accommodation market."
This marks an exciting time for the Australian property market in general, as in previous years it has lagged far behind other countries in the student housing sector.
Now it is on course to be able to supply a huge amount of apartments to this industry, particularly in Melbourne and Brisbane.