Short term rentals set for boost

The results of the National and International Visitor Surveys has found tourism expenditure in Victoria rose by 8.6% to $28.2 billion over the last 12 months to September 2018, as well as total visitors to and within the state also rising. Local overnight spending in the state was also up by 9.8%, while the number of visitors were up by 6.8%.

These figures, according to CEO of the Real Estate Institute of Victoria, Gil King, are proving to be beneficial for those with short-term letted property thorough services like Airbnb and Stayz, as well for those selling apartments to families of international students.

“Holiday accommodation is no longer confined to hotels, holiday parks and hostels as it was up until a decade or so ago. These days, many tourists (particularly families) are choosing to stay in privately-let holiday rentals which has stimulated the market for investment properties, particularly Inner Melbourne apartments and houses by the beach,” King said. “Melbourne was ranked the third best student city in the world in 2018 and welcomed 200,000 international students in 2017. The families of these students are a big contributor to Melbourne’s tourism success and, in some instances, are incentivised to purchase property here.”

Visit Victoria’s CEO Peter Bingeman said the recent rise in tourism is both a job and economic driver for all around the state: “We’re going to make sure that the visitor economy continues its phenomenal growth in the future with strategies like Victoria’s Golf Tourism Strategy 2018–2023 and partnerships with the likes of the NRL, Rugby Union and NGV." 

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