HOTEL, TOURISM & LEISURE
BANNING or restricting short-term rentals is unlikely to make a meaningful impact on the housing market, according to new research, but it will negatively impact the tourism and events sector.
A report from PAR Group, Short Terms Rentals A room for who?, by Damian Stone of Y Research and Rob Ellis of The Data App...
The supply and demand imbalance is also driving up rents. Australia is expected to welcome 715,000 migrants over the...
“The long-term solution to the housing shortage and reducing the pressure on rental growth is increasing housing supply, whether...
The report lands as the Victorian government mulls a tax on short-term rentals, such as Airbnbs, and hotel stays, potentially of up to $5 per booking...
Stone and Ellis said that short-term rentals attract a 73% price premium over hotels, while even on an annual occupancy of...
“This price premium helps to explain why a proportion of investors have moved their properties to short-term over long-term rentals...
“While moves to regulate short-term accommodation, such as night caps or licensing, may temporarily ease the supply shortfall...
The research closely looked at 11 major metropolitan and regional tourism hotspots across mainland Australia, including...
Based on advertised properties, short-term rentals were priced at an average of $336.50 per night, and hotel rooms at $194.70...
Short-term rentals represent about 29.5% of tourist accommodation supply, with about 8,000 hotel rooms available in the reviewed markets...
“The rise of short-term accommodation is strongly linked to Australian domestic tourism. Prior to the COVID-19 pandemic...
“Short-term accommodation plays a key role in facilitating tourism, whether this be international travellers, music festivals, food and wine showcases or sporting events.”