admin-ajax.php

Melbourne way ahead of Sydney as ‘Airbnb hub’

Strata Can Not Stop Airbnb 2Have you ever stayed in an Airbnb?

Well…you are not alone.

Australians are increasingly choosing to stay in rented houses or rented serviced apartments when they travel.

Some 10.4% of travellers stayed in this type of accommodation on their last trip according to Roy Morgan research conducted in the year to March 2018.

This is substantially higher than a decade ago when only 7.1% stayed in rented accommodation.

Melbourne is Australia’s favoured destination with Airbnb travellers.

11.6% of people who visited Melbourne on their last trip stayed in either rented houses or rented serviced apartments on that trip, up 3% on a decade ago.

Metropole Property Management

In comparison only 8.5% of people who visited Sydney on their last trip stayed in either rented houses or rented serviced apartments on that trip, up 1.3% on ten years ago.

Brisbane has also seen strong growth in this type of accommodation being utilised with 11.4% of people who visited Brisbane on their last trip stayed in either rented houses or rented serviced apartments on that trip compared to 7.2% in 2008.

In post mining boom Perth the trend is reversed now only 4.2% of people who visited the WA capital on their last trip stayed in rented houses or rented serviced apartments on that trip, less than half the levels of a decade ago when the mining boom was in full swing.

Australian travelers who stayed in rented houses or rented serviced apartments on last trip

Melbourne way ahead of Sydney as 'Airbnb hub'

Source: Roy Morgan Single Source (Australia), April 2007 – March 2008, n=14,599. April 2017 – March 2018, n=9,893. Base: Australians who have been on a trip in the last 12 months.

Gary Morgan, Executive Chairman Roy Morgan says the increasing prevalence of short-term Airbnb type accommodation proliferating is a huge problem for Australia’s capital cities:

“Airbnb was founded in mid-2008 and over the last decade has been a spectacularly successful business for its investors and for travelers worldwide looking for cheap accommodation.

“Unfortunately, there is a price to pay for this cut-rate accommodation and it is being paid for by apartment buyers and developers who are suffering from a reduction in apartment values caused by short-term travelers. Airbnb

“Melbourne has seen a huge surge in apartments being used for Airbnb short-term accommodation over the last decade and this has cut the value of apartments. These apartments weren’t originally bought or sold on the understanding they would be used as a revolving door by travelers from both Australia and overseas.

“It is vital that the Lord Mayor of Melbourne pushes for legislative action from the State Government to ensure that people renting such apartments stay for a minimum of one month which forces the traveler to invest in the maintenance of the apartment and surrounding amenities.

“As Lord Mayor I will ask (forcefully) for the State Government to prevent apartments being used (and vandalised) by short-term visitors that downgrades the value of apartments and leads to a poorer overall amenity for the city and for residents in Melbourne.”



icon-podcast-large

SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

 

NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

PREFER TO SUBSCRIBE VIA EMAIL?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Avatar for Property Update

About

Leanne is National Director of Property Management at Metropole and a Property Professional in every sense of the word. With 20 years' experience in real estate, Leanne brings a wealth of knowledge and experience to maximise returns and minimise stress for their clients. Visit: www.metropolepropertymanagement.com.au


'Melbourne way ahead of Sydney as ‘Airbnb hub’' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*

facebook
twitter
google
0
linkedin
0
email

Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!