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How many of us can look back at 2020-21 and say everything went to plan? Not many. But, with every new challenge comes new opportunity – a diamond in the rough you might say.
At LUXICO we’ve been watching the market trends, looking for new ways to bring opportunity and value to homeowners entering the rental market. Right now, we’re seeing overwhelming demand for luxury furnished rentals across Australia – a demand so high that it is in-fact outweighing market supply.
This market boom can be put down to one of a few reasons:
1. Expat families are returning home to Australia and driving the surge in Sydney’s medium-term luxury furnished rentals. After months of being cooped up in high rise apartments across Singapore and Hong Kong, returning families are searching for low density spacious living. Business owners across the US and UK are also arriving home and searching for a property to move into ASAP. These guests are leaders of industry and professional families, all with budgets between $5-15k per week looking for 3-6 month stays. If you own a vacant Sydney home and are interested in capitalising on the market, read our latest post on Sydney’s market boom.
2. Local holiday guests are also driving demand. Last year’s global traveller is now this year’s local guest, creating high demand for idyllic beach destinations such as; Byron Bay (NSW), South Coast and Southern Highlands (NSW), Noosa (QLD) and Mornington Peninsula (VIC). It’s become clear that our global travellers have caught a case of cabin fever. Year on year, these families fly into distant paradises, enjoying the best of a European summer or the perks of a winter snow season. But, as international travel grinds to a halt and many plans are put on hold – families are now searching for luxury stays right here in Australia.
With these two emerging guest profiles, it’s fair to say occupancy lows are a thing of the past. We’re seeing disposable incomes that we’re once spent on overseas flights and accomodation, be injected back into the domestic market positioning luxury homeowners with new opportunity. As reported by Deloitte earlier this year – as international travel plateaus the domestic travel market could be worth up to $37 billion to New South Wales, $27 billion to Victoria and $17 billion to Queensland, based on previous spending patterns.
We have rental opportunities waiting to be taken by homeowners who are ready to make the most of their home, capitalise on the market and unlock incredible value.
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