For many properties in major Australian cities, New Year's Eve is one of the top annual events where accommodation demand surges and Airbnb hosts can earn significantly higher daily rates.
However there are many factors to consider to maximise total earnings from guest bookings over this period, and the difference between average and well-executed price strategies over this period can be significant.
In this article, we dive into the data on average nightly rates over New Years Eve in the major Australian cities, and tips for hosts seeking to maximise their earnings.
Airbnb New Years Eve Demand
Accommodation demand over the new years eve period peaks most significantly in Australia's major capital cities, where domestic and international tourists flock to tourism hubs to celebrate the new year.
For example, based on booking data in Sydney from December 2018 and January 2019, rates begin to rise from December 28 and peak on December 31 close to the double the December month average.
[Chart] Average nightly rates: Sydney
Data: AirDNA Seasonality Report.
The same pattern can be seen for average nightly rates in Australia's second largest short-term rental market: Melbourne.
[Chart] Average nightly rates: Melbourne
Maximising your new year's eve earnings can come down to a variety of factors, we've featured the top three tips below:
If your property has particularly attractive features for guests booking over the new year's eve period, ensure they are featured clearly and prominently in your listing.
For example, this apartment in Neutral Bay on Airbnb managed by MadeComfy, the propert's stunning views over Sydney harbour and the main focus of the listing's cover image and headline:
- Require a minimum 3 night stay
As can be seen in the above daily rate charts for Sydney and Melbourne, prices stay elevated not just on new year's eve, but also for days prior to and after the new year.
Having a minimum stay period will ensure you don't miss out on maximising your revenue over this period, preventing guests from only booking the new year's eve date, as once this date is booked, listings are unlikely to be secured for dates immediately surrounding it.
- Open your property for booking at least six months in advance
Many guests are aware of the high demand for accommodation over the new year's eve period, and will can look to secure accommodation much earlier in the year. To take advantage of these early bookings, it is recommended top open your bookings up at least six months in advance of the new year's date.
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