Real Estate

sydney property is booming again just in a different way

Written by The ReReport

Banker Wenty Barnes is collecting $800 a night from her tiny McMahons Point studio

Sydney homeowners are cashing in on the short-term rentals boom, sometimes getting five times as much as they usually would over Christmas and New Year.
Banker Wendy Barnes has her tiny McMahons Point studio with Bridge and Opera House views getting $800 a night over New Year — normally they collect $180 a night. “We’re in Melbourne with friends and family so this would just sit empty,” Mrs Barnes said.
And Malvina Russo, the Australian director of the agency she’s listed with, Airsorted, has a Freshwater home with ocean views that normally fetches $800 a night collecting $3000 a night between December 30 and January 3.

The apartment is tiny but has harbour views

“Summer is the best time — homeowners can enjoy some time off and get great revenue from their properties,” Ms Russo said.
Mega events such as the Eminem Concert in February and the Mardi Gras in March can also bring a windfall to Sydney homeowners, who have been known to go and bunk in with family or friends while tourists arrive from interstate or overseas.
Tamarama couple Luke McKelvey and his wife, Josefine, and two small children, are flying to Sweden for Christmas so their two-bedroom apartment with ocean glimpses has been listed with Laura Houston’s The Scout Group.

The studio space is appealing to tourists here over Christmas and New Year

“Flying back to Europe on the 20th of December is the most expensive time to fly so being able to rent the apartment out helps with the mortgage and cover some of the costs of travelling,” Mr McKelvey said.
A young Coogee family have been able to extend their holiday in Europe after Ms Houston secured a late January booking.
“It’s not too late to list your home,” Ms Houston said. “People are booking a lot later than they have done in the past.”
Part of the reason people are delaying is their booking is that they know there’s now plenty to choose from as more Sydney homeowners jump on the bandwagon.
Among her Christmas listings are a beautiful home in Parsley Bay, Vaucluse, where its owners will collect between $1,750 and $2000 a night.

Architect Peter McGregor has his small Redfern studio booked out most of the year

“They’ve only just bought it and they’ve decided to go away for five weeks.”
She has a property in Cremorne with Bridge views which will likely fetch $6000 a night.
Architect Peter McGregor has the small studio at the back of his Redfern terrace heavily booked year round. “I’ve got a German tourist coming from the 15th of December to the 2nd of January and then a Danish student staying for three-and-a-half months,” Mr McGregor said.
“It’s often more professional people — especially woman — rather than tourists.”

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