Larry Schlesinger, in the Financial Review (May 26, 2020) wrote a article entitled “Rental market rocked by insane student exodus.” It pertained to the “grave” concerns that a clique of high-profile property developers in Melbourne have with the cessation of massive international student migration, due to COVID 19. Property sector denizens mentioned in it were, third on the Fin Review’s “Young Rich List”, Tim Gurner; Caroline Viney, previously of Grocon, currently the chief development officer of Vicinity Centres; and Shane Quinn, a partner with the commercial property group, Quintessential Equity. The Lord Mayor of Melbourne, Sally Capp, who was until recently the Victorian Executive Direct for the Property Council of Australia, added her angst.
Tim Gurner apparently described the treatment of foreign students as, “The most insane thing,” he had ever seen in his career.
The article reports that:
“An exodus of students drove a tripling of residential vacancy rates in the inner city of Melbourne in April.”
Tim Gurner is quoted, saying,