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Thanks to its reputation as a cultural capital, Melbourne attracts steady visitor numbers each year, making it Australia's second-largest tourist destination behind Sydney. Both domestic and international travellers flock to Melbourne to experience local sightseeing and partake in various events like festivals and concerts, which makes it an attractive market for tourism and accommodation investors.
Learn about how short-term rentals in Melbourne are performing and travel trends in the market below:. Despite higher supply, market occupancy of short-term rentals in Melbourne increased in the last financial year compared to the year prior. This shows there is a growing demand for short stays in the region. Hometime tip: Our data reveals that high-quality and well-presented properties outperform the rest of the local short-term rental market and are booked consistently throughout the year.
Check out our guide on best practices for styling your short-term property:. To learn more about how you can boost your property's value and appeal, you can also get in touch with us directly. Average daily rates ADRs in Melbourne typically fluctuate around major events in the city. Two major events that consistently draw a large influx in demand every year are the Australian Open in January and the Formula 1 Australian Grand Prix in March. From Grand Slam tennis and prestigious racing events to international artist concerts, there is always an exciting event happening in Melbourne, drawing in big crowds each time.
Homeowners of short-term rentals in Melbourne can plan around these events to boost revenue. Hometime tip: Check out our list of the best Airbnb markets in Australia for more info on how other short-term rental markets in Australia are performing. Hometime-managed short-term rentals in Melbourne consistently outperform the rest of the market. We achieve this with our expert in-house listing optimisation and pricing teams, who make sure your home is as bookable as possible.
We use dynamic pricing algorithms that automatically fine-tune nightly rates based on real-time market fluctuations, including increased demand during holidays and events.