Melbourne

Area: St Kilda

Overview

Population: 5,000,000

Market Report - Melbourne:

In September 2022, Melbourne home prices were down 7.4% compared to last year, selling for a median price of $782,053, On average, homes in Melbourne sell after 74 days on the market.

Market Report - St Kilda:

In September 2022, St Kilda home prices were up 9.79% compared to last year, selling for a median price of $1.7m, on average, homes in St Kilda sell after 39 days on the market.

Tourism Report

Melbourne is a hip, dynamic metropolis, with an exciting city centre, inner-city neighbourhoods that are full of unique character, and lush green parks and mountain ranges where you can enjoy Australian nature at its finest. The city is known for its many laneways, its cultural diversity, excellent dining options for all budgets, and amazing street art. It’s also known for being the coffee capital of the world, and for being regularly voted as the world’s most livable city. Melbourne has lots of attractions, from the famous MCG cricket ground to the Royal Botanic Gardens, Luna park theme park which opened in 1912, and some of the best beaches in the world, its nightlife also ranks as some of the best on offer.

Tourist Demographics

• The average size of the party: 1-8

• The average length of stay: 9 nights

• The average age: 32

• Male: 42%

• Female: 39.4%

Short-Term Rental Reports - Melbourne:

Average Daily Rate: $302

January: $388

July: $186

The Average Daily Rate (ADR) is the average booked nightly rate + cleaning fees for all booked days over the last year.

Occupancy Rate: 64%

February: 81%

July: 43%

The number of booked days is divided by the total number of days available for rent over the past 12 months. Properties with no reservations are excluded. This Occupancy Rate figure represents the median over the past 12 months.

Revenue

Average Revenue: $5,900

January: $9,770

July: $2,950

Property Demographic

we are looking to purchase a 3 bedroom/bathroom unit, prices for this type of asset are valued between $870,000 - $900,000.

Yield: 8%