Surf, Sand, & Stays: Top Holiday Home Trends in Sydney
Summary
Sydney holiday home hosts saw increased occupancy and RevPAN (Revenue Per Available Night) in the recent year, driven by strategic pricing adjustments and the impact of major events like the Eras Tour. Hosts should leverage dynamic pricing tools and stay informed about market trends to optimize their performance and maximize profits.
Key Insights
- •Median Booking Lead Time is decreasing. It was 38.1 days two years ago, but in the last 12 months it was 20.9 days.
- •ADRs (Average Daily Rates) saw a slight decrease year-over-year, from $291 (Dec. 2022-May 2023) to $277 (Dec. 2023-May 2024).
- •Occupancy rates in Sydney saw an increase this year of 7.9%, with Dec. 2023-May 2024 reaching 72.7%.
- •RevPAN (Revenue Per Available Night) increased, from $185 (Dec. 2022-May 2023) to $196 (Dec. 2023-May 2024).
- •During Taylor Swift's Eras Tour, the average occupancy rate soared to 81%, with an ADR of $430 and RevPAN hitting $348.
Action Items
- ✓Leverage dynamic pricing tools to adjust your rates based on real-time demand and competition.Effort: lowImpact: medium
- ✓Understand your market by researching local trends and upcoming events.Effort: lowImpact: medium
- ✓Keep an eye on what your competitors are doing.Effort: lowImpact: medium
Tools & Resources
- →Airbnb pricing tool: Utilising tools like Airbnb pricing tool, holiday home software, and comprehensive vacation rental market data can provide actionable insights.
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