As a holiday rental property manager, keeping up with market trends is essential for success. Melbourne, renowned for its dynamic short-term rental market in Australia, offers unique opportunities for those looking to optimize their bookings and occupancy rates. Access to the most recent short-term rental data is key in this competitive landscape. In our latest MarketMinute, we'll deliver insights into the Melbourne short-term rental market, helping you stay ahead in this vibrant and ever-changing environment.
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Average Occupancy: 67%
The average occupancy in Melbourne stands at 67%, surpassing the national average of 61%. Rentals in your market are booked at a higher rate compared to listings across Australia. Melbourne is often regarded as Australia's cultural capital, hosting numerous events, festivals, and international conferences throughout the year. This consistent lineup of attractions, ranging from the Australian Open tennis tournament to the Melbourne International Comedy Festival, draws a steady stream of visitors, thereby increasing the demand for short-term accommodations.
Average RevPAN: 182 AUD
The average RevPAN (revenue per available night) for holiday rentals in Melbourne is 182 AUD indicating a positive performance in revenue management for the market. It's noteworthy that RevPAN provides a more precise depiction of revenue management performance compared to other metrics and is the most effective measure for assessing the overall success of your revenue management strategy.
Booking Lead Time: 23 Days
Proactive pricing is crucial in the Melbourne market as guests typically make bookings only three weeks in advance. This necessitates property managers to ensure that their prices remain competitive and appealing, even for last-minute reservations.
Top Distribution Channel: Airbnb
Airbnb is the primary channel for bookings, accounting for 65%. Airbnb is also the main channel that visitors utilise for bookings in Australia, however, direct bookings are increasing and remain the second distribution channel in the country. This trend suggests a growing preference among consumers to engage directly with property owners or management companies, possibly driven by the desire for more personalized experiences or perceived cost savings by avoiding third-party fees. The rise in direct bookings indicates a diversification in how accommodations are being sourced in Australia, highlighting the importance for hosts and property managers to explore and optimize multiple channels for marketing their listings.
Average Number of Reviews per Listing: 30
On average, vacation rental guests in Melbourne tend to be more silent compared to the average reviewer in Australia. The average number of reviews per listing is 30, in contrast to the national average of 42. Guarantee the best customer experience and encouraging guests to share their feedback play a significant role in attracting new guests.
Average Length of Stay: 5 Days
Cultural landmarks and events attract your visitors. Enhance your guests' experiences. The average length of stay is 5 days, which is similar than the national average of 4.6 days. Property managers should focus on creating an exceptional guest experience to keep guests coming back year after year.
In summary, the short-term rental industry in Melbourne offers significant potential for growth and success. To capitalize on this market, property managers must stay updated on market trends and implement proactive pricing strategies. Creating a memorable guest experience is essential for success.
Are you looking for short-term rental data like this at your fingertips for your market? Check out Beyond!
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