The Gold Coast Airbnb market grew another 3.8% this quarter with the year ending on another listings record, 17,411 properties are signed up to Airbnb. The market has grown 67% over the past 12 months, with no signs of a slowdown occurring post Commonwealth Games.
The total number of active properties for rent at the end of 2018 was 6,374 with 71.8% of those being entire home rentals. 53% of the active rentals are managed by multi-listing hosts and 33% of the total active properties are available full time.
The commercial Airbnb market continues to trend upwards as home owners continue to list multiple investment properties, or hand them over to specialised Airbnb property managers. There is a current trend for Super-Hosts, who make up 25% of all active listings, to begin co-hosting on a full-time basis.
The majority of the 6,374 active listings are 2-bedroom apartments along the coastline, hosted by both private home owners and onsite managers of holiday rentals. 2-bedroom apartments remain the most prevalent property type listed, followed by 1-bedroom apartments then 3-bedroom homes.
The end of this quarter is the beginning of summer season, so we will see a rise in the both the number of active listings and the average daily rental rate over the next quarter.
As of December 2018, the average daily rate achieved for a property listed on Airbnb was $197 with an occupancy rate of 62%*. These figures are in line with the Hotel industry at $202 ADR and 72.4% occupancy rate. The higher occupancy rate in apartments (both Airbnb and hotel) reflects the preference for guests to stay in properties that offer amenities, which are located along the coastline.
*Airbnb recommends that an occupancy rate of 50% be used to calculate potential rents. This rate will vary depending on property type and location.
Source: Airbnb, AirDNA, CBRE