Australia Short-Term Rental Industry Showing Strong Signs of Recovery As It Navigates High Season
Month over month, Australia’s short-term rental market has trended towards recovery – not surprising considering it’s summertime. Though bookings are still down by 40% compared to this time last year, the numbers look promising as we head into the holidays. In October, property management companies across the country saw a 12% increase in reservations from the previous month, bringing reservation volume to the highest it’s been since borders were closed to non-residents in March.
Paying more & staying longer
In addition to reservation volume peeking since COVID-19 emerged, travelers continue to pay higher average nightly rates and book longer stays.
Where people are booking
The cities and suburbs with the largest increases in bookings include Broadbeach, Huskisson, Surry Hills and Sandy Point. Areas like Brisbane and South Brisbane, however, are still showing lower performance numbers.
Last-minute trips are still trending, but are on the decline
The trend of travelers making reservations closer to check-in is continuing, though it’s not as prominent as it was at the end of August, signaling growing consumer confidence in travel.