Transparent has collaborated with Martin Kelly from TravelTrends.biz to produce Growing Up Fast, the first detailed look at Australia’s short-term rental industry. Read on to find out what we have learned about Australian Short-term rentals.
The report is packed with charts, data and analysis of the most remarkable year any of us have experienced, and features:
- Expert analysis of market sizing and supply trends
- State by state STR listing data and performance breakdown
- Key insights into industry dynamics and major players
- Property management overview and landscape
What we’ve learned about Australian Short-term Rentals
Throughout the report Martin explores many findings from our data analysis. Some key findings about the Australian short term rental industry include:
- Listings numbers fall. The number of STR properties listed on the major OTA platforms varied wildly through 2020 and finished -8% down year on year, according to Transparent.
- Houses over apartments. There was a clear shift in preference by consumers to whole houses over apartments due to COVID for reasons of privacy, security, space and cleanliness. This is likely to be a long-term trend.
- Regional renaissance. Key Australian regional destinations within easy reach of a major city – a two or three-hour drive – have been doing very well through the back half of 2020, some are setting all time performance records.
- Inner city blues. Urban STR markets are hurting through a combination of factors including oversupply of apartments, low levels of business travel, no international tourism and challenges in attracting domestic visitors.
- Increased rental market fluidity. Rental markets are no longer pick and stick. In 2020 owners keep their eye on both long and short-term markets and were willing to switch when circumstances dictated.
- One trick ponies. Airbnb continues its domination of Australia’s online STR marketplace with 50% of stock exclusively listed on the platform. Just 25% of Australia’s whole-home properties have a diversified distribution strategy.
To read more of our explorations into short term rentals in Australia, you can download the report here.